The United States Justice Department has revealed an indictment against cryptocurrency exchange KuCoin and its two founders for engaging in an unlicensed money transmitting business and violating the Bank Secrecy Act (BSA). The indictment accuses KuCoin founders Chun Gan and Ke Tang of deliberately neglecting to implement an Anti-Money Laundering program, which resulted in the platform being exploited for money laundering and terrorist financing. The company itself is charged with operating an unlicensed money-transmitting business and breaching the BSA. U.S. Attorney Damian Williams stated that KuCoin and its founders intentionally concealed the fact that a significant number of U.S. users were trading on the platform. The U.S. Department of Justice claims that KuCoin, one of the world’s largest cryptocurrency derivatives and spot exchanges, facilitated billions of dollars in daily trades and trillions of dollars in annual trade volume. The U.S. Commodity Futures Trading Commission also filed a civil enforcement case against KuCoin, accusing the exchange of multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations. The Department of Justice alleges that KuCoin received over $5 billion and transferred more than $4 billion in suspicious and criminal funds. KuCoin was established in 2017 by Gan and Tang, who are currently at large. Similar criminal charges have been brought against other cryptocurrency exchanges and their executives operating in the United States. Sam Bankman-Fried, the former CEO of FTX, is set to be sentenced on March 28 after being convicted on seven felony charges, while Changpeng Zhao, the former CEO of Binance, is expected to be sentenced on April 30. U.S. enforcement agencies are intensifying their efforts to combat crypto-related crime.