Kucoin was fined $297 million and ordered to cease operations in the United States for two years.
The company, run by Peken Global Ltd, pleaded guilty in Manhattan federal court.
They agreed to a fine of $112.9 million and forfeited $184.5 million.
Founders Chun Gan (Michael) and Ke Tang (Eric) will also step down from their roles and forfeit $2.7 million each.
Authorities found that KuCoin had handled suspicious transactions estimated to be worth billions of dollars.
There were also transactions that allegedly involved “dark web” activity and fraud schemes, while they failed to comply with money laundering regulations.
They were also accused of failing to register with US financial authorities.
KuCoin’s new CEO, BC Wong, insisted that they would comply with US laws and further strengthen the security of their platform and user data.
Wong also expressed his desire to return to operating in the US.
