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.
“The order permanently enjoins Peken Global from future violations, as charged, and requires Peken Global to pay a $500,000 civil monetary penalty,” a CFTC press release said.
The CFTC filed a civil action against entities that collectively operate KuCoin in March 2024, charging them with multiple violations of the Commodity Exchange Act. Apart from Peken Global, Mek Global Limited, PhoenixFin PTE Limited, and Flashdot Limited were charged.
The consent order and the dismissal conclude all claims that the CFTC filed against Peken Global and the defendants named in the complaint.
Launched in 2017, KuCoin claims to serve 40 million users, offering over 1,000 cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE).
It facilitated trades worth over $1.5 billion in the last 24 hours, according to CoinGecko.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo Courtesy: Sergei Elagin on Shutterstock.com
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