KuCoin, a global cryptocurrency exchange, has reached settlements with the U.S. Department of Justice (DOJ), marking the start of a new chapter focused on compliance and strengthened global operations under its new CEO, BC Wong.
As part of the settlement, KuCoin has agreed to exit the U.S. market for a minimum of two years. This underscores KuCoin’s commitment to meeting regulatory standards and enhancing its compliance infrastructure to align with global expectations. Resolutions have also been reached between DOJ and each of KuCoin’s founders, Chun Gan and Ke Tang, by which the DOJ has agreed to dismiss all charges against them upon their satisfaction of certain conditions.
This outcome ensures a clean path forward for KuCoin and its new leadership. A Renewed Commitment to Compliance Over the past two years, KuCoin has made significant strides in compliance, implementing comprehensive Know Your Customer (KYC) requirements for all users and obtaining operating licenses in multiple jurisdictions. These actions reflect the company’s proactive efforts to establish itself as a compliant and accountable leader in the cryptocurrency industry.
The appointment of BC Wong as CEO reinforces this commitment. A Singaporean with a Juris Doctor degree, BC previously served as KuCoin’s Chief Legal Officer and played a pivotal role in shaping its compliance framework. His leadership underscores KuCoin’s focus on aligning its operations with the highest regulatory standards and strengthening its foundation for sustainable growth.
CEO’s Vision BC Wong stated: “This resolution signifies a new chapter for KuCoin, one that reaffirms our dedication to compliance, security, and innovation. While we are exiting the U.S. for the present, we are focusing on strengthening our global compliance practices and exploring opportunities to reenter the market with the necessary licenses. KuCoin remains committed to supporting our global community, delivering innovative solutions, and driving the responsible adoption of cryptocurrency. Together, we will build a stronger, more secure future for all”.
