Jonathan Nwokpor
On Tuesday, Chun Gan and Ke Tang, the two founders of KuCoin, the cryptocurrency exchange, were charged with crimes by the US government.
Chun Gan and Ke Tang are being prosecuted for violating the Bank Secrecy Act and money transmission; the charges particularly mentioned a “multibillion-dollar criminal conspiracy.”
They were named for their part in the alleged illegal behaviour in a news release issued by the US Southern District of New York.
Darren McCormack, the director of Homeland Security Investigations’ New York Field Office, and Damian Willians, the US Attorney for the Southern District of New York, announced the indictment.
The exchange “flouted US anti-money laundering laws to grow KuCoin into one of the world’s largest cryptocurrency exchanges,” according to the document that was released.
The exchange “deliberately sought to conceal” the number of American users on the platform, according to attorney Williams.
The letter further claimed that KuCoin exploited its substantial US user base to establish itself as one of the largest exchanges globally, characterizing its growth as a “criminal conspiracy.”
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