KuCoin’s parent will pay $500,000 to settle CFTC charges following a separate $300 million penalty in a DOJ case over similar conduct.
The parent company of KuCoin will pay a $500,000 civil penalty to settle a case by the US Commodity Futures Trading Commission alleging it operated an unregistered offshore commodities exchange.
In an announcement on Monday, the CFTC said that the US District Court for the Southern District of New York had entered a consent order against KuCoin’s parent company, Peken Global Limited, which will see all of the CFTC’s claims resolved.
Peken Global Limited agreed to the settlement without admitting or denying the CFTC’s claims. It also avoided having to disgorge profits gained during the period it was charged over — from July 2019 to around June 2023 — as the CFTC cited the company’s willing cooperation with the investigation.
