Crypto exchange KuCoin has pleaded guilty to operating an unlicensed money transfer business and has agreed to pay nearly $300 million in a US settlement.
In addition, its founders, Michael Gan and Eric Tang, have resigned from their positions with the platform.
The settlement was filed in a Manhattan federal court and includes a forfeiture of $184.5 million and a $112.9 million fine. KuCoin will also exit the US market for two years as part of the settlement.
Prosecutors had raised concerns about the platform's lack of anti-money laundering and know-your-customer programs and its failure to require identifying information from customers until July last year.
It was also revealed that KuCoin had failed to register with the US Department of Treasury’s Financial Crimes Enforcement Network.