KuCoin Joins Hands With A&O Shearman;  Platform Revamp Slated

• 1 KuCoin, a leading cryptocurrency exchange joins forces with A&O Shearman law firm.
• 2 The exchange is preparing to fight a legal battle with the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC).  
• 3 In March 2024, the exchange’s co-founders were accused of anti-money laundering failures.

To construct a safer and more trusted platform, KuCoin has extended its team by collaborating with key players like A&O Shearman, ELFi, and Venom. The charges of operating an illegal money-transmitting business and breaking the Bank Secrecy Act degraded KuCoin’s performance.

To rebuild its status and fight a legal battle with the DOJ and CFTC, KuCoin has joined forces with A&O Shearman law firm.    

KuCoin’s Partnership with A&O Shearman  

KuCoin finally made up its mind to fight the legal battle with the DOJ and CFTC by partnering with A&O Shearman law firm. Response to lawsuits from the legislative bodies.

Wu Blockchain took to X to uncover KuCoin’s plan to fight with the DoJ and CFTC.  

Moreover, Johnny, the CEO of KuCoin responded to Wu Blockchain’s post and expressed gratitude. He pointed out that KuCoin is prioritising compliance, alongside products and innovation. 

“The exchange is committed to building a safe and trusted platform for the users” He added.   

KuCoin To Fight DOJ & CFTC

According to KuCoin’s CEO, the platform attaches great importance to this lawsuit and is committed to working with regulators and policymakers. Throughout the investigation of the money laundering case, the exchange had multiple rounds of communication with the CFTC and DOJ. 

However, due to judicial restrictions, the communication gap between the exchange and DOJ & CFTC somehow affected the investigation. To carry out a sincere discussion and achieve effective solutions for the user base. 

The partnership with the A&O Shearman law firm would help in the attainment of the same.  

The Anti-Money Laundering Case 

KuCoin exchange was alleged by the United States Attorney’s Office for the Southern District of New York for operating an unlicensed money-transmitting business. The exchange’s co-founders Chun Gan and Ke Tang were also reported for violating the Bank Secrecy Act.

On March 26, Damian Williams, the US lawyer for the Southern District of New York, and Darren McCormack, the acting special agent at Homeland Security Investigations found the co-founders guilty. 

Furthermore, the exchange was notified of a federal criminal investigation into its activities for failing to adopt a KYC program for new customers. Result of this, Chun Gan and Ke Tang were sentenced to five years in prison. 

KuCoin Expanding Team 

The CEO of the exchange thus, prioritized the user’s safety and worked hard to build a secure and trusted platform for the crypto users. Recently, on May 20, KuCoin revealed a strategic investment in ELFi Protocol to advance derivatives trading experience.

ELFi is a decentralized derivatives trading platform that offers services to both retail and institutional investors. 

In the same way, on May 10, KuCoin joined forces with Venom, a layer-0 and layer-1 blockchain network. The partnership anticipated listing Venom’s native token, VENOM on KuCoin exchange.

To enhance user experience, the exchange has reorganized its organizational structure as well as upgraded its system. The exchange also improved its security and compliance and invested considerable money in external compliance.

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.