KuCoin operator barred from U.S. after CFTC order, following $297 Million DOJ case
KuCoin operator Peken Global Limited cannot cater to U.S. users on its platform unless it registers as a foreign board of trade.
By Sam Reynolds, AI Boost|Edited by Omkar GodboleUpdated Mar 31, 2026, 5:20 a.m. Published Mar 31, 2026, 5:19 a.m. Make preferred on
What to know:
- A federal court approved a CFTC consent order permanently barring KuCoin operator Peken Global Limited from allowing U.S. users on its platform unless it registers as a foreign board of trade.
- The order imposes a $500,000 civil penalty and follows KuCoin’s January 2025 guilty plea in a separate criminal case that resulted in nearly $297 million in penalties and forfeitures.
- KuCoin once had about 1.5 million U.S. users and earned at least $184.5 million in fees from them, and the new injunction converts what had been a temporary U.S. withdrawal into a permanent shutdown of its American business.
KuCoin operator Peken Global Limited has been barred from allowing U.S. users onto its platform after a federal court approved a Commodity Futures Trading Commission consent order, closing out the exchange’s U.S. enforcement saga.
The order, entered in the Southern District of New York, requires Peken to pay a $500,000 civil penalty and prohibits it from offering trading access to U.S. participants unless it registers as a foreign board of trade. More importantly, it removes the time limit from KuCoin’s earlier U.S. exit, converting what had been a minimum two-year withdrawal into an indefinite ban.
The action follows KuCoin’s January 2025 guilty plea to operating an unlicensed money transmitting business, which carried nearly $297 million in penalties and forfeitures. Taken together, the cases show how U.S. authorities have pursued the exchange across multiple fronts, pairing criminal anti-money laundering charges with civil market access violations.
The relatively small penalty in the CFTC case reflects that much of the financial punishment was already imposed in the criminal proceeding. The agency said it did not seek disgorgement, citing Peken’s cooperation and the forfeiture order entered in the parallel DOJ case.
KuCoin had roughly 1.5 million registered U.S. users and generated at least $184.5 million in fees from them, according to the DOJ. The exchange introduced know-your-customer requirements only in August 2023 and did not apply them to existing accounts, a gap that became central to enforcement.
The court also dismissed remaining claims against affiliated entities Mek Global Limited, PhoenixFin PTE Ltd., and Flashdot Limited.
With the injunction now in place, KuCoin’s U.S. business has shifted from a temporary restriction to a permanent shutdown, completing a rare, sequential enforcement process that moved from criminal prosecution to civil market bans.
RegulationCrimeAI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.More For You
The Definitive Stablecoin Landscape Series: North America
By CoinDesk ResearchMar 26, 2026
Commissioned byRipple
As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption.
Why it matters:
Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all.
View Full ReportMore For You
Maryland man charged in $50 million Uranium Finance hack after U.S. seized $31 million in crypto
By Sam Reynolds, AI Boost|Edited by Omkar Godbole27 minutes ago
Prosecutors say Jonathan Spalletta exploited smart contract bugs twice in April 2021, laundering funds through Tornado Cash and spending proceeds on rare collectibles.
What to know:
- Federal prosecutors have charged Jonathan Spalletta, 36, of Rockville, Md., with computer fraud and money laundering over the 2021 hacks that drained more than $50 million from the Uranium Finance decentralized exchange and forced it to shut down.
- The indictment follows a February 2025 seizure of about $31 million in...
Bitcoin holds $67,500 as Trump signals he may end Iran war with Hormuz still shut
11 minutes ago
Maryland man charged in $50 million Uranium Finance hack after U.S. seized $31 million in crypto
27 minutes ago
Breaking Bitcoin with quantum may be easier than thought, with Taproot partly to blame, Google says
1 hour ago
U.S. rule change may open trillions in 401(k) funds to crypto
7 hours ago
Democrats urge warnings to federal officials against insider bets on prediction markets
8 hours ago
Why Consensus is crypto’s new ground zero
8 hours agoTop Stories
Fed's Powell's comments sooth bond market, but oil continues rise, hitting crypto and stocks
9 hours ago
Jack Dorsey’s Square auto-enables bitcoin payments for millions of U.S. businesses
11 hours ago
Bitmine makes biggest ether purchase in 2026 while other digital asset treasuries pull back
15 hours ago
Bitcoin hashrate posts first-quarter drop for first time in 6 years as miners pivot to AI
14 hours ago
