Kucoin’s Guilty Plea: A Comedy of Errors in the Crypto World!

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Well, well, well! It seems our dear friends over at Kucoin have found themselves in a bit of a pickle, having pleaded guilty to some rather unsavory charges of unlicensed money transmission, courtesy of the good folks at the United States Department of Justice. Who would have thought that dabbling in the wild west of crypto could lead to such a hullabaloo? 🤔

The Kucoin Plea: Authorities Win Again

According to the ever-watchful Samuel Rubenfeld, a Senior Reporter with MLExclusive, the exchange made its guilty plea at the US District Court for the Southern District of New York. And as if that wasn’t enough, its co-founders, Chun Gan and Ke Tang, decided to join the party by entering into deferred-prosecution agreements with the Justice Department. Talk about a family reunion! 🎉

KuCoin pleaded guilty to operating an unlicensed money transmitting business. Two of its co-founders entered into deferred-prosecution agreements with the Justice Department.

— Samuel Rubenfeld formed a union (@srubenfeld) January 27, 2025

The DOJ first threw the book at Kucoin back in March 2024, accusing them of facilitating a staggering $4 billion in funds that were, shall we say, less than savory. This guilty plea is just one of the many high-profile capitulations that crypto entities are making to keep the wolves at bay. It’s like watching a game of poker where everyone’s folding, and the house always wins! 🃏

And let’s not forget our pals over at Robinhood, who recently coughed up a cool $45 million to settle some federal securities violations with the SEC. It seems like the only thing more volatile than crypto these days is the price of a good lawyer! 💸

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2025-01-28 00:17