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.
In December, New York Attorney General Letitia James secured a payout of more than $22 million from KuCoin to refund $16.7 million to over 150,000 New York investors and provide New York state with over $5.3 million. 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.
Williams said in a release that KuCoin, formed in 2017, “took advantage of its sizeable U.S. customer base to become one of the world’s largest cryptocurrency derivatives and spot exchanges, with billions of dollars of daily trades and trillions of dollars of annual trade volume.”
He said the company deliberately chose to flout U.S. laws designed to help identify and eliminate crime and corrupt financing schemes on financial platforms. As a result, authorities said, the company was used as a vehicle to launder large sums of proceeds from criminal malware, ransomware and fraud schemes.
KuCoin failed to implement even basic antimoney laundering policies as it let customers process over $4 billion of suspicious and criminal funds as KuCoin operated in the shadows of the financial markets and provided a haven for illicit money laundering, Williams said.
Denne historien er fra March 29, 2024-utgaven av AppleMagazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra March 29, 2024-utgaven av AppleMagazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
UBER TEAMS UP WITH WAYMO TO START SELLING DRIVERLESS RIDES IN AUSTIN, TEXAS
Uber shifted gears in Austin, Texas, earlier this week, launching a landmark service that lets riders hail driverless cars through its app, thanks to a partnership with Waymo, the autonomous vehicle arm of Google’s parent company, Alphabet.
Invites A HANDY NEW IPHONE APP FOR EVENT PLANNING
Apple is taking social gatherings to the next level with Invites, a dynamic app designed to help users create custom invitations, manage events, and engage in shared moments.
SOCIAL MEDIA BLOCKS FOR MINORS IN THE U.S.: A NATIONAL DEBATE ON KIDS AND TECH
Across the United States, lawmakers and families alike are wrestling with a critical question: should minors be barred from social media to protect their well-being?
SEVERANCE SEASON 2 ON APPLE TV+: MIND-BENDING DRAMA HITS NEW HEIGHTS
Apple TV+’s Severance has taken the streaming world by storm this week, solidifying its place as the platform’s most-watched series ever, surpassing even Ted Lasso’s three-season run, Apple proudly announced last month.
PRIVATE LUNAR LANDER BLUE GHOST TOUCHES DOWN: A NEW MOON MILESTONE
Earlier this week, the moon welcomed a new visitor as Firefly Aerospace's Blue Ghost lunar lander nailed a soft touchdown, marking a historic win for private space exploration.
TESLA MODEL Y: ELECTRIC CHAMP RECHARGES ITS CROWN WITH NEW UPGRADE
Tesla’s Model Y has roared through the automotive landscape like an electric juggernaut, clinching the title of the world’s best-selling vehicle in 2023 and solidifying its dominance with a sleek upgrade that rolled out recently.
IOS 18.4 BETA 2: HERE'S EVERYTHING NEW
Apple has rolled out the second developer beta of iOS 18.4 this Monday, March 3, offering a fresh batch of enhancements and refinements to its mobile operating system, now available for testing among registered developers.
MICROSOFT SHUTTING DOWN SKYPE IN MAY: A 22-YEAR LEGACY ENDS
Microsoft dropped a seismic announcement confirming it will shutter Skype, the pioneering internet calling service, on May 5, 2025— ending a 22-year run that reshaped how the world connects. The company is steering users toward Microsoft Teams’ free consumer version, part of a broader strategy to streamline its communications offerings under a single banner.
TSMC'S BIG U.S. BET: $100 BILLION FUELS CHIPMAKING SURGE
Taiwan Semiconductor Manufacturing Company (TSMC), the world’s top chipmaker, unveiled a massive $100 billion investment to expand its U.S. operations this Monday, March 3, standing alongside President Donald Trump at the White House.
NEW MACBOOK AIR AND MAC STUDIO UNLEASH M4 MIGHT
Apple sprang into action earlier this week, unveiling two powerhouse Macs that redefine performance in their respective lanes: the MacBook Air with the M4 chip and the Mac Studio armed with M4 Max and M3 Ultra processors.
