Cryptocurrency exchange KuCoin has pleaded guilty to operating an unlicensed money transmitting business, agreeing to pay nearly US$300 million in fines and forfeitures.

The plea, entered by Peken Global Ltd., a KuCoin entity, involves a fine of approximately US$113 million and a US$184.5 million forfeiture.

KuCoin’s founders, Chun Gan and Ke Tang, entered deferred prosecution agreements and agreed to forfeit US$2.7 million each.

The charges, filed in March 2024, accuse KuCoin and its founders of operating without proper licensing and failing to implement anti-money laundering protocols.

This resolution follows a December 2023 settlement in which KuCoin paid US$22 million and ceased trading in New York for failing to register as a broker-dealer.