Crypto Exchange KuCoin Hit With Record Anti-Money Laundering Penalty in Canada

Peken Global Limited, which operates as crypto exchange KuCoin, is facing a $14 million—over $19.5 million CAD—anti-money laundering penalty from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC), the agency announced on Thursday. The Seychelles-based firm was hit with the penalty—the largest ever imposed by FINTRAC, according to Reuters—in July for failing to comply with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, FINTRAC said.