The Commodity Futures Trading Commission (CFTC) has imposed a $500,000 civil penalty on Peken Global Limited, the operator of cryptocurrency exchange KuCoin.
The order, which was approved by a federal court in the Southern District of New York, requires Peken to register as a foreign board of trade if it wishes to continue offering trading access to US participants.
This decision comes on the heels of KuCoin's January 2025 guilty plea to operating an unlicensed money transmitting business. The company agreed to pay nearly $297 million in penalties and forfeitures as part of its settlement with the Department of Justice (DOJ).