KuCoin announced a partnership with a new law firm to fight against US DOJ & CFTC lawsuits.
KuCoin is one of the popular cryptocurrency exchanges in the crypto space. It started operating worldwide in 2017 and added the ability to deposit regular money (fiat) in 2018. Currently, it ranks 7th position in terms of daily trading volume of cryptocurrencies.
On 28 May 2024, KuCoin announced its new partnership with the A&O Shearman law firm to handle lawsuits from the DOJ and CFTC.
KuCoin’s CEO, Johnny, said they’ve had several discussions with these agencies. He is optimistic about the outcome and mentioned that KuCoin has reorganized its structure, improved its systems, and invested a lot in security and compliance.
In March of this year, The U.S. Commodity Futures Trading Commission (CFTC) filed a civil lawsuit against KuCoin alleging it failed to register with the corresponding regulatory bodies. Just before the CFTC lawsuit, KuCoin faced a Doj lawsuit also.
U.S. federal prosecutors charged crypto exchange KuCoin and two of its founders with violating anti-money laundering laws.
As per charges, KuCoin failed to design and implement procedures to prevent it from being used for money laundering and terrorist financing.
KuCoin presence in India
KuCoin is currently a highly popular crypto exchange in India. Despite legal hurdles in the US, KuCoin successfully secured registration with the Indian FIU unit.
It is worth it to note that KuCoin became the first-ever foreign crypto exchange that secured FIU registration in the country.
As per available activities of the KuCoin exchange on the X platform, the KuCoin team engaged with very high dominance to achieve the top position in the Indian crypto sector.
Just a few weeks ago, the Binance crypto exchange also secured registration in the Indian jurisdiction but still its Android app is unavailable on Google PlayStore.
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