A court on Monday imposed a $500,000 fine on Peken Global Limitedthe company that operates the cryptocurrency exchange KuCoinand prohibited it from serving American customers without registering with the CFTC.
Court orders no future violations
The order from the United States Court for the Southern District of New York also stated that the CFTC was not seeking to recover the misappropriated funds, nor was the court ordering it, due to the specifics of this case.
“This order permanently enjoins Peken Global from committing future violations for which it has been charged, and requires Peken Global to pay a civil penalty of $500,000,” a CFTC press release states.
The CFTC filed a civil action in March 2024 against the entities that collectively operate KuCoin, accusing them of multiple violations of the Commodity Exchange Act. Besides Peken Global, Mek Global Limited, PhoenixFin PTE Limited et Flashdot Limited ont été inculpés.
The consent order and judgment of dismissal close all complaints that the CFTC has filed against Peken Global and the defendants named in the complaint.
Launched in 2017, KuCoin claims to serve 40 million users, offering more than 1,000 cryptocurrencies such as Bitcoin (CRYPTO: BTC) and the Dogecoin (CRYPTO: DOGE).
It has facilitated trades worth more than $1.5 billion in the past 24 hours, according to CoinGecko.
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