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.

 

 

Sam Bankman-Fried, the former CEO of the defunct crypto exchange FTX, filed a motion in February seeking a retrial in his case. However, the request is reportedly being opposed by some U.S. prosecutors.

 

Some U.S. prosecutors have filed a motion in the United States District Court for the Southern District of New York, seeking to block Bankman-Fried’s latest request for a retrial, Bloomberg reports.

 

According to the prosecutors, Bankman-Fried’s argument that new witnesses could change the outcome of his case does not meet the standard for a retrial. They said the two witnesses he wants to call, Daniel Chapsky and Ryan Salame, both former FTX executives, do not qualify as new witnesses because they were already known to the defense and could have testified at the original trial.

 

“The defense’s decision not to put the witnesses on his witness list or compel their testimony forecloses any claim that their post-trial views are newly discovered,” prosecutors said.

 

The prosecutors also rejected Bankman Fried's claim that he was being weaponized by the Department of Justice, calling it "incoherent."

 

"The defendant was one of the largest Democratic donors in 2020 and 2022, and his campaign finance crimes were in furtherance of making those contributions, so the notion he was targeted for his Democratic politics by the prior presidential administration is fanciful," prosecutors added.

 

Although the motion has just been filed, the judge has not ruled on whether it will proceed. Nevertheless, this is Bankman-Fried’s third attempt to appeal his case.

 

 

Is a Presidential Pardon in Sight? 

After President Trump granted a presidential pardon to Changpeng Zhao, founder of Binance, rumors circulated that he might also pardon Sam Bankman-Fried.

 

Trump, however, has dismissed these rumors in several interviews, stating that he has no plans to pardon Bankman-Fried. Despite this, some online groups continue to speculate about a potential, well-funded effort to secure a pardon.

 

Until a pardon is issued, Bankman-Fried’s legal options remain limited to filing appeal motions. Otherwise, he must continue serving his 25-year prison sentence on multiple federal charges, including fraud, conspiracy, and money laundering.