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- A US court has banned KuCoin operator Peken Global from serving US users without registration.
- The CFTC was awarded a $500,000 civil penalty in the settlement, with the exchange required to exit the U.S. market for at least two years under the Justice Department agreement.
- This comes after the exchange pleaded guilty to running an unlicensed money transfer business earlier this year.
A US federal court has permanently blocked Peken Global Limited, the cryptocurrency operator exchange KuCoin, from allowing US participants access to its platform unless it is registered as a foreign trading board, after a colony With the Commodity Futures Trading Commission.
the Consent orderissued on Monday by the U.S. District Court for the Southern District of New York, also imposes a $500,000 civil money penalty on the Turks and Caicos Islands-incorporated entity. Originally Commodity Futures Trading Commission File a lawsuit against Peken Global and three other entities associated with KuCoin – Mek Global Ltd. and PhoenixFin PTE Ltd. and Flashdot Ltd. – In March 2024 for operating an unlicensed digital asset derivatives exchange, failing to register as a futures commission trader, and failing to implement an effective client identification program.
The settlement follows Peken Global plead guilty In January 2025, on charges of operating an unlicensed money transfer business, which included a criminal fine of $112.9 million and forfeiture of $184.5 million. Which deal KuCoin has also requested to exit the US market for at least two years, according to the Department of Justice.
The CFTC indicated that it is not seeking dismissal in the civil case, citing Peken Global’s cooperation in the investigation and related proceedings, including the parallel criminal proceeding in United States v. Flashdot Limited. The court also granted a voluntary dismissal with prejudice, dismissing all CFTC claims against the other three entities originally named in the lawsuit.
The settlement comes after the CFTC Signed the coordination agreement with the Securities and Exchange Commission earlier this month to align its oversight of financial markets and cryptocurrencies.
Last week the agency unveil An “innovation task force” focused on cryptocurrency markets, artificial intelligence and forecasting, in line with the Trump administration’s push to bring these sectors under the agency’s jurisdiction — a month after a report suggested the Chicago law enforcement team, seen as the agency’s “top cop,” was… I devoured it.
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