KuCoin operator Peken Global Limited cannot cater to U.S. users on its platform unless it registers as a foreign board of trade.
KuCoin operator Peken Global Limited cannot cater to U.S. users on its platform unless it registers as a foreign board of trade. A federal court approved a CFTC consent order permanently barring KuCoin operator Peken Global Limited from allowing U.
S. users on its platform unless it registers as a foreign board of trade. The order imposes a $500,000 civil penalty and follows KuCoin’s January 2025 guilty plea in a separate criminal case that resulted in nearly $297 million in penalties and forfeitures. KuCoin once had about 1.5 million U.S. users and earned at least $184.5 million in fees from them, and the new injunction converts what had been a temporary U.S. withdrawal into a permanent shutdown of its American business. KuCoin operator Peken Global Limited has been barred from allowing U.S. users onto its platform after a federal court approved a Commodity Futures Trading Commission consent order, closing out the exchange’s U.S. enforcement saga., requires Peken to pay a $500,000 civil penalty and prohibits it from offering trading access to U.S. participants unless it registers as a foreign board of trade. More importantly, it removes the time limit from KuCoin’s earlier U.S. exit, converting what had been a minimum two-year withdrawal into an indefinite ban.to operating an unlicensed money transmitting business, which carried nearly $297 million in penalties and forfeitures. Taken together, the cases show how U.S. authorities have pursued the exchange across multiple fronts, pairing criminal anti-money laundering charges with civil market access violations. The relatively small penalty in the CFTC case reflects that much of the financial punishment was already imposed in the criminal proceeding. The agency said it did not seek disgorgement, citing Peken’s cooperation and the forfeiture order entered in the parallel DOJ case. KuCoin had roughly 1.5 million registered U.S. users and generated at least $184.5 million in fees from them, according to the DOJ. The exchange introduced know-your-customer requirements only in August 2023 and did not apply them to existing accounts, a gap that became central to enforcement. The court also dismissed remaining claims against affiliated entities Mek Global Limited, PhoenixFin PTE Ltd., and Flashdot Limited. With the injunction now in place, KuCoin’s U.S. business has shifted from a temporary restriction to a permanent shutdown, completing a rare, sequential enforcement process that moved from criminal prosecution to civil market bans.AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence toAs stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption.Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all. Prosecutors say Jonathan Spalletta exploited smart contract bugs twice in April 2021, laundering funds through Tornado Cash and spending proceeds on rare collectibles.Federal prosecutors have charged Jonathan Spalletta, 36, of Rockville, Md., with computer fraud and money laundering over the 2021 hacks that drained more than $50 million from the Uranium Finance decentralized exchange and forced it to shut down.15 hours ago
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