US Court Permanently Bars KuCoin After $500K CFTC Settlement
Key Takeaways
- Peken Global Limited permanently barred from U.S. users; must register as foreign board of trade.
- Peken Global Limited to pay $500,000 civil penalty to settle CFTC charges.
- Settlement follows DOJ case totaling $297 million against Peken Global Limited.
KuCoin Operator Barred
Peken Global Limited has been permanently barred from serving U.S. customers.
“KuCoin operator barred from U”
The order requires a $500,000 civil penalty and prohibits trading access unless registered as a foreign board of trade.
This converts a minimum two-year exit into an indefinite ban.
The action follows KuCoin's January 2025 guilty plea with nearly $297 million in penalties.
User Base and Fees
KuCoin once had about 1.5 million U.S. users.
It earned at least $184.5 million in fees from them.
KYC was introduced only in August 2023 and not applied to existing accounts.
CFTC and DOJ Coordination
The CFTC did not seek disgorgement.
“KuCoin operator Peken Global Limited has been barred from allowing U”
Peken's cooperation was cited.
Much of the financial punishment was already imposed in the criminal proceeding.
Dismissal of Affiliated Entities
The court dismissed claims against affiliated entities.
KuCoin's U.S. business has shifted to a permanent shutdown.
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