Crypto exchange Kucoin and its founders pay millions to settle with US DoJ – BitRss

• Kucoin and its founders pay nearly $300 million to settle with the US Department of Justice
• The exchange will also close business for at least 2 years as a result of not complying with the laws

The legal case between crypto-exchange Kucoin and the United States Department of Justice comes to an end. The exchange and its founders have reached a settlement with the regulator, as per an announcement made today. Both entities have also pleaded guilty to violating money transmission and Bank Secrecy Act laws in the United States.

The charges were brought against the crypto exchange and its founders Chun Gan and Ke Tang by the Department of Justice of the Southern District of New York last year in March.

The press release on the same had read,

“conspiring to operate an unlicensed money transmitting business and conspiring to violate the Bank Secrecy Act by willfully failing to maintain an adequate anti-money …