KuCoin Settles With US DOJ on Compliance and Regulatory Grounds

• KuCoin has reached a settlement on its compliance charges with the US DOJ. 
• The crypto exchange’s token price surged 11% in the last 24 hours.

Cryptocurrency exchange KuCoin has confirmed its settlement with the US Department of Justice. Meanwhile, the overall cryptocurrency community is currently combating the aftermath of the recent market dip. The Ethereum Foundation took to today’s spotlight, by selling huge numbers of ETH tokens during its dip. 

Notably, KuCoin’s settlement, confirmed a few hours ago, has received considerable attention. According to the official report, KuCoin has to meet several conditions, upon which the DOJ has agreed to drop the charges. The first and most important postulate of the agreement requires the exchange to exit the US markets for two years. 

Additionally, the crypto exchange’s two founders Chun Gan and Ke Tang have also settled with the DOJ. Moreover, KuCoin has appointed BC Wong as its new CEO. This change in leadership is highlighted as the exchange’s way of rebuilding its clear path forward. 

CEO BC Wong stated in a recent report:

“This resolution signifies a new chapter for KuCoin, one that reaffirms our dedication to compliance, security, and innovation. While we are exiting the U.S. for the present, we are focusing on strengthening our global compliance practices…”

Moreover, the US DOJ has also demanded a sum exceeding $297 million in fines from KuCoin. The fine includes $112.9 million in criminal fines and $184.5 million forfeiture. KuCoin faced charges of lacking a license for providing trading services in the US regarding its Peken Global Ltd US company name. 

How is KuCoin Reacting to the US DOJ Settlement? 

The prominent crypto exchange has taken an optimistic attitude towards settlement conditions, including the US market exit. They have stated that it would give them a clear path forward and reaffirm their compliance standards.  

Furthermore, the firm also stated that it would be functioning optimally in non-restrictive markets on the global level. It would be working on overcoming US regulatory challenges simultaneously, the report said. 

This has resulted in the exchange’s cryptocurrency – KuCoin Token, showing significant surges. In the last 24 hours, the token price has surged by 11% as per CMC data. Meanwhile, the aforementioned, Ethereum Foundation’s ETH selling continues to be the talk of the community. 

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