US DOJ indicts Kucoin exchange founders for operating outside of AML laws

Another exchange in the cross-hairs of US banking and financial regulations.

US Attorney Damian Williams — who is leading the case — outlined the charges, stating that KuCoin and its founders allegedly avoided US regulatory measures despite having a substantial user base in the country

At this point, no company has an excuse if it wants to do business with US citizens. It’s a high burden to pay, but if you’re not willing to put in the controls, regardless of what you think about their merits, it’s on you.

Of course the real meat of the issue for the founders is the following:

Meanwhile, the charges against the exchange’s two founders include conspiring to operate an unlicensed money-transmitting business and to violate the Bank Secrecy Act, with potential maximum sentences of five years in prison for each charge.

It looks like the existing story playing out with Binance’s CZ is starting another chapter with the Kucoin founders.