KuCoin Appeals $14M Canadian AML Penalty in Federal Court

KuCoin's Legal Challenge: Crypto exchange KuCoin is contesting a C$19.5 million penalty imposed by Canada's FINTRAC for failing to register as a foreign money services business and for not reporting large transactions, claiming the findings misrepresent its compliance record.

Market Impact: Following the penalty announcement, KuCoin's native token, KCS, experienced a 0.9% drop in value, while the exchange's trading volume remains significantly lower compared to competitors like Binance and Bybit, despite an overall increase in crypto trading activity.