U.S. Attorney Damian Williams said conspiracy charges against KuCoin and two executives should warn other crypto exchanges that they cannot serve U.S. customers without following U.S. laws.
An indictment in Manhattan federal court said the company and its founders tried to conceal the existence of its U.S. customer base.
KuCoin was also required to cease New York operations after falsely representing itself as a crypto exchange without registering as a securities and commodities broker-dealer, James said.
“KuCoin grew to service over 30 million customers, despite its alleged failure to follow laws necessary to ensuring the security and stability of our world’s digital banking infrastructure,” McCormack said.
Three companies doing business as KuCoin were incorporated in the Cayman Islands, the Republic of Seychelles and Singapore.
Persons:
Damian Williams, KuCoin, Letitia James, James, Williams, “, ”, Darren McCormack, “ KuCoin, ” McCormack, Johnny, Chun Gan, Ke Tang
Organizations:
New York, Homeland Security Investigations
Locations:
U.S, Manhattan, York, New York, China, Cayman Islands, Republic of Seychelles, Singapore