On Tuesday, the US Department of Justice announced criminal charges against the global crypto exchange KuCoin and two of its founders, Chun Gan (also known as “Michael”) and Ke Tang (also known as “Eric”). The charges, related to conspiring to operate an unlicensed money transmitting business and violations of the Bank Secrecy Act, have stirred concerns among users and investors about the future of the Seychelles-based exchange, echoing fears reminiscent of the FTX collapse.
Is KuCoin The Next FTX?
According to the official press release by the Southern District of New York, the indictment accuses KuCoin and its founders of deliberately failing to implement an adequate anti-money laundering (AML) program. This negligence allegedly facilitated the use of the platform for money laundering and terrorist financing activities.
Moreover, the exchange is accused of not maintaining necessary procedures to verify customer identities and failing to report any suspicious acti
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