KuCoin pleads guilty, agrees to pay nearly $300 million in US crypto case

KuCoin, one of the world's largest cryptocurrency exchanges, pleaded guilty on Monday to operating an unlicensed money transmitting business, and agreed to more than $297 million in fines and forfeiture, the U.S. Department of Justice said. Peken Global Ltd, which operates as KuCoin, entered its plea before U.S. District Judge Andrew Carter in Manhattan. Two KuCoin founders -- Chun Gan, known as Michael; and Ke Tang, known as Eric -- each agreed to enter two-year deferred prosecution agreements, forfeit $2.7 million, and cede any role in KuCoin's management and operations, the Justice Department said.