KuCoin has agreed to a $300 million settlement with U.S. authorities for operating without a license, marking a major shake-up for the exchange.
As part of the deal, the company will forfeit $184.5 million, pay $112.9 million in fines, and suspend U.S. operations for two years.
Its founders, Michael Gan and Eric Tang, will resign and forfeit $2.7 million in assets, with BC Wong stepping in as CEO.
The settlement follows allegations that KuCoin failed to implement required AML and KYC protocols and did not register with FinCEN.
Despite the setback, KuCoin assured users that its global operations remain unaffected and emphasized recent compliance and security improvements.
This action is part of a broader regulatory crackdown on the crypto industry, with U.S. regulators collecting over $19 billion in settlements from crypto firms in 2024. KuCoin’s case highlights the increasing focus on compliance and accountability in the cryptocurrency sector.
Circle, the issuer behind the USDC stablecoin, is preparing to go public, and sources say BlackRock is gearing up to take a significant piece of the action—possibly acquiring 10% of the offering.
Bybit is making a bold move into the European crypto market after securing regulatory approval under the EU’s MiCA framework.
Nvidia reported strong financial results for the first quarter of 2026 for the period ended April 27, 2025, which led to a 4.8% increase in its shares in after-hours trading.
Elon Musk has stepped down as head of the Department of Government Efficiency (DOGE), citing the difficulty of reducing federal spending and bureaucracy.