KuCoin pays $500,000 to the U.S. CFTC to settle a civil lawsuit

According to Bloomberg, cryptocurrency exchange KuCoin's operator Peken Global has agreed to pay $500,000 to settle a civil lawsuit filed by the Commodity Futures Trading Commission (CFTC).

The CFTC accused KuCoin of illegally allowing U.S. residents to trade as an unregistered offshore platform. KuCoin reached a settlement without admitting or denying the allegations and is prohibited from allowing U.S. customers to access the platform without registering with the CFTC. The CFTC stated that U.S. customers generated approximately $110 million in trading fees for KuCoin, and due to the company's cooperation and the forfeiture in a parallel criminal case, it did not seek to recover illegal gains.