Crypto Exchange KuCoin Settles Case With CFTC— $500,000 Fine, No Unregistered Users In US Allowed

Crypto Exchange KuCoin Settles Case With CFTC— $500,000 Fine, No Unregistered Users In US Allowed

A court on Monday levied a penalty of $500,000 against Peken Global Limited, the company that operates the KuCoin cryptocurrency exchange, and prohibited it from serving U.S. users without registering with the CFTC. Court Orders No Future Violations The order by the U.S. District Court for the Southern District of New York also stated that the CFTC is not pursuing disgorgement, nor is the court imposing it, based on the specifics of this case. “…

KuCoin operator barred from U.S. after CFTC order

KuCoin operator Peken Global Limited cannot cater to U.S. users on its platform unless it registers as a foreign board of trade.

KuCoin crypto exchange shut down in U.S.

In CFTC action, court order imposes permanent injunction on platform

Peken Global Hit With Consent Order Requiring Permanent Ban on U.S. Access to KuCoin

TL;DR A U.S. court ordered Peken Global to block U.S. traders from accessing KuCoin, turning its separation from that market into a permanent restriction. The consent order also requires a $500,000 penalty in a CFTC enforcement case, showing that access bans can matter as much as fines. The outcome signals that offshore crypto venues still face serious U.S. regulatory risk when authorities believe American users remain reachable through their p…