A U.S. court has entered a consent order on Monday requiring Peken Global Limited, which operates KuCoin, to permanently prohibit U.S. participants from accessing the exchange unless it registers as a foreign board of trade.
The order, issued by the District Court for the Southern District of New York, also imposes a $500,000 civil monetary penalty against the Turks and Caicos-incorporated operator of KuCoin, according to a statement from the Commodity Futures Trading Commission.
The CFTC first sued Peken Global and three other entities operating KuCoin in March 2024. The agency charged Mek Global Ltd., PhoenixFin PTE Ltd., Flashdot Ltd., and Peken Global with operating an unlicensed digital asset derivatives exchange, failing to register as a futures commission merchant, and failing to implement an effective customer identification program.
The latest consent order permanently enjoins Peken Global from future violations as charged, the CFTC said.
The agency originally sought disgorgement, civil monetary penalties, permanent trading bans, and a permanent injunction, according to a March 2024 complaint.
Per the order, the CFTC is not seeking, and the court is not imposing, disgorgement. The agency cited Peken Global’s cooperation in the CFTC investigation and related proceedings, including the parallel criminal action in the U.S. v. Flashdot Limited case. That criminal case included a forfeiture order against Peken Global.
Separately, the court entered an order of voluntary dismissal with prejudice, dropping all CFTC claims against Mek Global, PhoenixFin PTE Ltd., and Flashdot. The consent order also dismisses with prejudice counts II through V of the original complaint against Peken Global, the CFTC said.
The development marks another major U.S. regulatory resolution for KuCoin in about 14 months.
In January 2025, Peken Global pleaded guilty to one count of operating an unlicensed money transmitting business. The plea included a $112.9 million criminal fine and $184.5 million in forfeiture, according to the DOJ. The agreement also requires KuCoin to exit the U.S. market for at least two years.
The DOJ had charged KuCoin and its founders, Chun Gan and Ke Tang, with conspiring to violate the Bank Secrecy Act and conspiring to operate an unlicensed money transmitting business, alleging the exchange received over $5 billion and sent over $4 billion of suspicious and criminal proceeds.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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