KuCoin

KuCoin Agrees To Pay $297,000,000 to US Government for Operating Unlicensed Money Transmitting Business

Published

3 months ago

January 29, 2025

The crypto exchange KuCoin will pay a $297 million penalty to the US government stemming from compliance violations.

Peken Global Limited, the Seychelles-based company that operates KuCoin, has pled guilty to operating an unlicensed money-transmitting business, according to a new press release from the U.S. Attorney’s Office for the Southern District of New York.

U.S. Attorney Danielle R. Sassoon says the exchange failed to maintain an adequate anti-money laundering (AML) program and failed to report suspicious transactions.

“As a result, KuCoin was used to facilitate billions of dollars’ worth of suspicious transactions and to transmit potentially criminal proceeds, including proceeds from darknet markets and malware, ransomware, and fraud schemes. Today’s guilty plea and penalties show the cost of refusing to follow these laws and allowing unlawful activity to continue.”

KuCoin has agreed to criminally forfeit $184.5 million and pay a fine of $112.9 million, and the firm will exit the US market for at least two years.

Two of the exchange’s founders, Chun Gan and Ke Tang, each agreed to forfeit approximately $2.7 million in funds. Neither founder will have any role in KuCoin’s management or operations going forward.

KuCoin is the 17th-largest crypto exchange in the world in terms of monthly visits, according to data from CoinGecko.

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Amazon

Binance, KuCoin face interruptions due to ‘large-scale outage’ in Amazon’s data center

Published

2 weeks ago

April 15, 2025

admin

Cryptocurrency exchanges Binance, KuCoin alerted users about temporary interruptions that may result in partial execution of trading orders.

Binance, one of the world’s largest cryptocurrency exchanges, said it had temporarily paused withdrawals due to technical issues linked to its cloud service provider. In an X post on Tuesday, the trading platform said it’s “aware of an issue impacting some services on the Binance platform due to a temporary network interruption in the AWS data center.”

We are aware of an issue impacting some services on the #Binance platform due to a temporary network interruption in the AWS data center.
Some orders are still successful, but some are failing. If users failed, they may keep retrying.
Our team is working closely with AWS to…
— Binance (@binance) April 15, 2025

The company suggested that the outage may not be affecting all users as the interruption may only affect trading activity for some users. “Some orders are still successful, but some are failing. If users failed, they may keep retrying,” the exchange said.

While the nature of the outage wasn’t disclosed, Binance said its team is working with Amazon Web Services to fix the problem. To limit risk during the outage, the exchange said had it decided to suspend withdrawals “to keep safe.”

It’s not clear how many users are affected. As of press time, Binance said that “all services are starting to recover and resume,” adding that withdrawals “have also reopened.”

“We will continue to monitor to ensure that all operations run smoothly. Thank you for your patience and understanding.”
Binance

Another crypto exchange KuCoin took to X to say that it is also experiencing disruptions due to the same AWS issue. In a notice to users, KuCoin said that due to a “large-scale network outage with AWS services, our platform is currently experiencing temporary disruptions.” The exchange added that its technical team is “working on a fix,” reassuring users that their assets “remain secure and all data is intact.”

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