KUCOIN PLEADS GUILTY TO US CHARGES, AGREES TO PAY $300M

Summary from the TLDR Crypto newsletter

Crypto exchange KuCoin has pleaded guilty to operating an unlicensed money-transmitting business in the US, agreeing to a $300 million settlement and a two-year exit from the US market. Founders Michael Gan and Eric Tang will step down from management roles and forfeit $2.7 million after the Justice Department found that the platform operated without KYC or AML procedures until mid-2024. US regulators have collected over $19 billion in crypto-related settlements since October 2024.