Peken Global Limited, the parent company of cryptocurrency exchange KuCoin, has agreed to pay $500,000 in a settlement in a case brought by the Commodity Futures Trading Commission (CFTC), which alleged that the company operated an unregistered trading platform for U.S. users.

 

In a Monday press release, the CFTC announced that the U.S. District Court for the Southern District of New York had entered a consent order with Peken Global Limited to resolve the case with the U.S. commodities regulator. As part of the agreement, Peken is permanently restrained from future violations.

 

According to the CFTC, the settlement was reached as a result of Peken’s cooperation during the investigation and related proceedings. The agency also stated that neither it nor the court would be seeking or imposing disgorgement of profits from Peken.

 

The CFTC Case With Kucoin

The CFTC case involving crypto exchange KuCoin officially began on March 26, 2024, when the U.S. commodity regulator filed a civil lawsuit against KuCoin and its related entities, including Peken Global Limited, Mek Global Limited, PhoenixFin PTE Ltd., and Flashdot Limited.

 

The CFTC accused KuCoin and its affiliates of violating several U.S. financial laws, including operating an unregistered trading platform, offering high-risk and unregistered crypto products, failing to properly verify users, and violating U.S. anti-money laundering (AML) and know-your-customer (KYC) requirements.

 

KuCoin agreed to settle the charges, paying penalties totaling nearly $300 million and committing to exit the U.S. market for at least three years.

 

This is not the first time KuCoin has faced regulatory challenges in the United States. In 2023, the New York Attorney General accused the exchange of operating in the state without proper registration, resulting in a $22 million settlement and an order to cease operations in New York.

 

KuCoin has also faced regulatory actions outside the U.S. 

 

In 2022, the Ontario Securities Commission in Canada identified it as an unregistered crypto exchange, resulting in a $2 million penalty. In 2025, Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) imposed a $19.5 million fine on the exchange for allegedly violating anti-money laundering laws. More recently, Austria’s Financial Market Authority (FMA) restricted the exchange from registering new users until it complied with local AML regulations.

 

In the bustling heart of New York City, a courtroom drama of epic proportions is unfolding, and the eyes of the world are fixed upon it. This high-stakes trial involves none other than Sam Bankman-Fried, the prominent figure in the cryptocurrency world. And bringing you the latest live updates from the frontlines is none other than the intrepid journalist, Tiffany Fong.

Caroline Ellison's Shocking Testimony

Today marked a pivotal moment in the trial as Caroline Ellison, one of Sam Bankman-Fried's top deputies and his former romantic partner, took the stand. The revelations that poured forth during her testimony sent shockwaves through the courtroom and the entire cryptocurrency community.

Ellison, who once oversaw the day-to-day operations at Alameda Research, a crypto trading firm controlled by Bankman-Fried, made some truly startling admissions. She testified that she was, in fact, directed by Bankman-Fried himself to engage in a series of financial misdeeds. Among her shocking claims, Ellison asserted that Alameda Research had taken a jaw-dropping $14 billion from FTX customers to repay debts accrued by the company.

A Trailblazing Reporter on the Scene

In the midst of this riveting courtroom drama, one journalist stands out for her dedication and commitment to delivering the latest updates straight from the scene. Tiffany Fong, the dynamic and fearless reporter, has positioned herself in the heart of the action. Despite the trial's non-televised nature and strict restrictions on electronic devices, Tiffany Fong is on the frontlines, ensuring that you don't miss a single development.

Following Tiffany Fong for Real-Time Updates

As this trial continues to captivate audiences worldwide, Tiffany Fong's reporting is your go-to source for real-time insights and in-depth analysis. Her dedication to delivering accurate and up-to-date information is nothing short of commendable. While other news outlets might be playing catch-up, Tiffany Fong is ahead of the curve. https://twitter.com/TiffanyFong_