The United States Government on Tuesday indicted cryptocurrency exchange KuCoin and its two founders, Chun Gan and Ke Tang on criminal charges.

Chun Gan and Ke Tang are facing penalties for money transmission and Bank Secrecy Act violations, which specifically cited a “multibillion-dollar criminal conspiracy”.

This was contained in a press release from the United States Southern District of New York, naming them for their role in the alleged illegal activity.


The indictment was announced by US Attorney of the Southern District of New York, Damian Willians, and Homeland Security Investigations New York Field Office head, Darren McCormack.

The unsealed document stated that the exchange “flouted US anti-money laundering laws to grow KuCoin into one of the world’s largest cryptocurrency exchanges”.

Attorney Williams said the exchange “deliberately sought to conceal” the number of US users on the platform.

The document also alleged that KuCoin “took advantage of the sizeable US customer base to become one of the world’s largest exchanges, describing the development as a “criminal conspiracy”.

Roboto11:
Nigerian citizens would-be the ones fighting government if they did the same.

U.S. Attorney Damian Williams said: “As today’s Indictment alleges, KuCoin and its founders deliberately sought to conceal the fact that substantial numbers of U.S. users were trading on KuCoin’s platform. Indeed, KuCoin allegedly took advantage of its sizeable U.S. customer base to become one of the world’s largest cryptocurrency derivatives and spot exchanges, with billions of dollars of daily trades and trillions of dollars of annual trade volume. But financial institutions like KuCoin that take advantage of the unique opportunities available in the United States must also comply with U.S. law to help identify and drive out crime and corrupt financing schemes. KuCoin allegedly deliberately chose not to do so. As alleged, in failing to implement even basic anti-money laundering policies, the defendants allowed KuCoin to operate in the shadows of the financial markets and be used as a haven for illicit money laundering, with KuCoin receiving over $5 billion and sending over $4 billion of suspicious and criminal funds. Crypto exchanges like KuCoin cannot have it both ways. Today’s Indictment should send a clear message to other crypto exchanges: if you plan to serve U.S. customers, you must follow U.S. law, plain and simple.”

FreeStuffsNG:
The document also alleged that KuCoin “took advantage of the sizeable US customer base to become one of the world’s largest exchanges, describing the development as a “criminal conspiracy”.

This is the best time for the Federal Government of Nigeria to extend same measures it adopted against Binance to other crypto exchanges still operating in Nigeria. That will make it not to be seen as selective justice. This platforms are modern day daylight heist!

There's a reason the US is going after each of them now and may soon enough collect all the money from these guys before these criminals flee and/or declare bankruptcy!

FG must quickly and immediately sue all the crypto exchanges for Tax evasion!
May God bless Nigeria for ever! Check my signature for free stuffs!

globalresource:
It is like Nigeria is now mad

Looting still going on by the elite and you are chasing crypto exchange all over the world

FreeStuffsNG:
The document also alleged that KuCoin “took advantage of the sizeable US customer base to become one of the world’s largest exchanges, describing the development as a “criminal conspiracy”.

This is the best time for the Federal Government of Nigeria to extend same measures it adopted against Binance to other crypto exchanges still operating in Nigeria. That will make it not to be seen as selective justice. This platforms are modern day daylight heist!

There's a reason the US is going after each of them now and may soon enough collect all the money from these guys before these criminals flee and/or declare bankruptcy!

FG must quickly and immediately sue all the crypto exchanges for Tax evasion!
May God bless Nigeria for ever! Check my signature for free stuffs!

Richtaiwo:
Exact copy of what Nigeria did to the Binance CEO who escaped from captivity. Same cursed knuckle heads screaming "injustice" in favour of the criminal CEO will now turn around praising US government. Those animals are truly the most cursed creation I have ever seen. Most certainly, that fraudster in black they want to make us support will never smell that seat.

FreeStuffsNG:
The document also alleged that KuCoin “took advantage of the sizeable US customer base to become one of the world’s largest exchanges, describing the development as a “criminal conspiracy”.

This is the best time for the Federal Government of Nigeria to extend same measures it adopted against Binance to other crypto exchanges still operating in Nigeria. That will make it not to be seen as selective justice. This platforms are modern day daylight heist!

There's a reason the US is going after each of them now and may soon enough collect all the money from these guys before these criminals flee and/or declare bankruptcy!

FG must quickly and immediately sue all the crypto exchanges for Tax evasion!
May God bless Nigeria for ever! Check my signature for free stuffs!

Judolisco:
Bitcoin is used for money laundering all over the world... Na 9ja own worse pass sef... Na those wicked politicians orchestrate how dat Binance guy take escape

tophempire:
Unfortunately the government won't let crypto fly because it's out of their control.

Crypto is the only true solution to the worlds financial problems

Kobicove:
Crypto does not have all the qualities an item requires to be considered a good form of money

RushManni:
What is actually this battle between crypto and the govt ...or better still, crypto exchanges and governments ?

RushManni:
What is actually this battle between crypto and the govt ...or better still, crypto exchanges and governments ?