KuCoin to pay $500K to settle US CFTC charges

Cryptocurrency exchange KuCoin has agreed to a settlement with the U.S. Commodity Futures Trading Commission (CFTC), paying $500,000 to resolve allegations of regulatory violations. According to Bloomberg, the CFTC stated that KuCoin offered commodity futures, swaps, and leveraged trading services without proper registration. The commission also noted that the exchange's superficial Know Your Customer (KYC) procedures failed to effectively prevent U.S. users from accessing its platform. KuCoin consented to the settlement without admitting or denying the CFTC's claims. A court order will now prohibit the exchange from providing services to U.S. customers while it remains unregistered with the CFTC.