The United States government has officially indicted cryptocurrency exchange KuCoin and its two founders, Chun Gan and Ke Tang, on criminal charges. The charges primarily revolve around money transmission violations and Bank Secrecy Act infractions, exposing a large-scale criminal conspiracy.

The announcement came through a press release issued by the United States Southern District of New York, which specifically named Chun Gan and Ke Tang for their alleged involvement in illicit activities.

According to the unsealed document, KuCoin is accused of disregarding US anti-money laundering laws to propel itself into becoming one of the world’s largest cryptocurrency exchanges. The indictment was made public by Damian Williams, the US Attorney for the Southern District of New York, and Darren McCormack, the head of Homeland Security Investigations New York Field Office.

The document further revealed that KuCoin deliberately concealed the true number of its users from the United States, indicating a deliberate attempt to evade regulatory oversight. Exploiting its sizable US customer base, KuCoin managed to establish itself as a major player in the global cryptocurrency exchange landscape, but this growth is now being referred to as a “criminal conspiracy” according to the allegations outlined in the document.