KuCoin’s parent company, Peken Global Limited, will pay a $500,000 civil penalty to settle a case brought by the U.S. Commodity Futures Trading Commission (CFTC), which alleged the firm operated an unregistered offshore commodities exchange.
In a Monday announcement, the CFTC said the U.S. District Court for the Southern District of New York entered a consent order resolving all claims against the company.
Peken Global agreed to the settlement without admitting or denying the allegations and avoided disgorgement of profits earned between July 2019 and June 2023, with regulators citing the company’s cooperation during the investigation.
The CFTC noted that the relatively smaller penalty reflects KuCoin’s earlier resolution of a parallel case with the Department of Justice. In January 2025, the firm pleaded guilty and agreed to pay a $300 million fine over charges of operating an unlicensed money transmission business.
KuCoin Barred From Serving US Users Without Registration
In March 2024, the U.S. Commodity Futures Trading Commission (CFTC) outlined its case against KuCoin, seeking strict penalties including potential permanent trading bans against Peken Global Limited and affiliated entities—Mek Global Limited, PhoenixFin PTE Ltd., and Flashdot Limited.
The regulator alleged that KuCoin maintained “sham” know-your-customer procedures, failed to prevent U.S. users from accessing the platform, and did not properly register as a futures commission merchant or foreign board of trade.
Under the latest settlement, Peken Global is now prohibited from allowing U.S. residents to trade on KuCoin unless the platform registers with the CFTC as a foreign board of trade.
