KuCoin's Parent Company Agrees to $500K Civil Penalty to Resolve Charges
KuCoin's parent company, Peken Global Limited, settled CFTC charges by agreeing to a $500,000 civil penalty.Summary
KuCoin's parent company, Peken Global Limited, agreed to pay a $500,000 civil penalty to resolve charges brought by the US Commodity Futures Trading Commission (CFTC) for operating an unregistered offshore commodities exchange. The settlement, entered via a consent order in the Southern District of New York, resolves all CFTC claims, and Peken Global did not admit or deny the allegations. Notably, the company avoided disgorging profits due to its cooperation with the investigation. This penalty factors in a separate $300 million fine Peken Global agreed to pay in January 2025 as part of a parallel Department of Justice (DOJ) case concerning unlicensed money transmission. Under the new agreement, Peken Global is prohibited from offering KuCoin access to US residents unless it registers as a foreign board of trade with the CFTC.
(Source：Cointelegraph)