The allegations against KuCoin suggest that the cryptocurrency exchange violated the Bank Secrecy Act and regulations related to unlicensed money transmission. The U.S. Department of Justice (DOJ) has accused KuCoin’s founders, Chun Gan and Ke Tang, of attempting to conceal the exchange’s U.S. customers to evade anti-money laundering (AML) and know-your-customer (KYC) requirements.
According to the DOJ, KuCoin operated without the necessary license for a money-transmitting business, which constitutes a violation of the Bank Secrecy Act. U.S. Attorney Damian Williams emphasized that KuCoin’s actions appeared to disregard U.S. laws and regulations.
Williams highlighted that the exchange had facilitated transactions involving more than $5 billion in potentially illicit and unlawful funds.
Following the announcement, the price of the KuCoin token (KCS) dropped by 5%.
Darren McCormack, the Deputy Special Agent in Charge for the U.S. Department of Homeland Security, underscored the significance of the indictment. McCormack characterized KuCoin’s operations as an alleged criminal conspiracy on a large scale, noting the exchange’s expansion to serve over 30 million customers without complying with legal standards crucial for the safety and integrity of the global digital finance ecosystem.
Both Chun Gan and Ke Tang are Chinese citizens and are currently fugitives. If convicted, they and other implicated parties could face up to 10 years in prison.
NEAR introduces multichain transactions from a single account
The feature incorporates a “Multichain Gas Relayer,” eliminating the necessity for the native gas token of another chain for transactions.
The Near Foundation, the nonprofit entity supporting the Near Protocol, has announced the introduction of chain signatures, a new feature that enables users to access multiple chains using their Near account.
In a press release, the foundation revealed that Eigenlayer, a restaking project built on Ethereum, is among the launch partners collaborating with Near to enhance the security of the chain signatures network.
Chain Signatures leverages a decentralized multi-party computation (MPC) network and is bolstered by Near network validators to ensure robust security.
One small step for man.
One giant leap for Chain Abstraction.
Chain Signatures, secured by EigenLayer and NEAR stakers, enable transactions on any blockchain from your NEAR account.
Start building with Chain Signatures today ⛓️https://t.co/sUPvXw75yy pic.twitter.com/3cxb6eOtYM
— NEAR Protocol (@NEARProtocol) March 27, 2024
Chain signatures are cryptographic signatures that allow users to sign transactions on one blockchain using a private key associated with an account on another blockchain. This feature facilitates cross-chain interoperability, enabling users to access and interact with multiple blockchains using a single wallet or account.
The introduction of the Chain Signatures feature by the Near Protocol enables any Near account to control numerous addresses on all supported blockchains, opening up new possibilities for decentralized finance (DeFi) applications. This advancement allows developers to easily create DeFi products that utilize assets from various chains without the need for asset bridging.
Moreover, the Chain Signatures feature is slated to receive additional security from EigenLayer, contributing to the robustness of the network. Near Foundation emphasized the significance of this development, highlighting that DeFi on non-smart contract chains, such as Bitcoin, is now feasible for the first time on many networks.
Currently, Chain Signatures is compatible with several blockchains, including Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger. Near Protocol plans to extend support to additional networks in the future, including Solana, TON Network, Polkadot, and more, further enhancing cross-chain interoperability and expanding the potential applications of the protocol.