Cocoin’s cryptocurrency exchange has admitted that he is guilty of running unlicensed money transportation, such as I mentioned By Bloomberg.
Cocoin agrees to huge fines
An appeal was presented to the American boycott judge Andrew Carter in Manhattan, who imposed a major penalty on Cocoin. The company agreed to pay approximately $ 300 million of fines and confiscation, which includes a fine of about $ 113 million and confiscation of $ 184.5 million.
Bloomberg stated that this decision addresses a criminal case that follows a series of civilian allegations that the stock exchange settled in New York more than a year ago.
In 2023, the Stock Exchange faced a great scrutiny from the organizers, which led to a settlement required to prevent New York users from its platform.
As part of this agreement, Kucoin also paid $ 22 million to settle a lawsuit started by the state, which accused the failure platform in registration before allowing investors to exchange encrypted currencies.
The founders seek relief through the postponed prosecution deals
In addition to the complexity of this issue, two founders of Cocoin were imposed on the deferred prosecution agreements with the US Department of Justice (doj).
These agreements usually allow individuals to avoid prosecution by compliance with certain conditions determined by the government, indicating the existence of a possible path for founders to mitigate legal repercussions.
This last event highlights the increasing organizational scrutiny that faces the exchange of cryptocurrencies in the United States. However, with President Donald Trump’s second term, these developments are expected to decrease significantly.
The forty -seventh president of the United States has committed to a more transparent and visible organizational environment, and he intends to create a strategic digital asset reserve.
At the time of this report, the original KCS code decreased by 4 % to the current trading price of $ 12.80.
Distinctive image from Dall-E, Chart from TradingView.com
