Federal Court Enters Permanent Injunction Against Peken Global Limited

WASHINGTON - The Commodity Futures Trading Commission today announced the U.S. District Court for the Southern District of New York entered a consent order against Peken Global Limited, a company incorporated under the laws of the Turks and Caicos Islands, that operates the KuCoin exchange, for allowing U.S. participants to trade directly on its electronic trading and order-matching system without registering with the CFTC as a foreign board of trade.

The order permanently enjoins Peken Global from future violations, as charged, and requires Peken Global to pay a $500,000 civil monetary penalty.

The order also states that the CFTC is not seeking, and the court is not imposing, disgorgement based on the facts and circumstances of this case. These include Peken Global's cooperation in a CFTC investigation and related proceedings, including the criminal action, United States v. Flashdot Limited, et al., No. 24-cr-168 (S.D.N.Y), and the judgment entered in that matter, in which Peken Global was subject to, inter alia, a forfeiture order, as reflected in the consent preliminary order of forfeiture/money judgment in the criminal action.

In the parallel criminal action, Peken Global pleaded guilty to one count of operating an unlicensed money transmitting business.

The court also entered an order of voluntary dismissal with prejudice, dismissing all claims the CFTC brought against the other defendants: Mek Global Limited, PhoenixFin PTE Ltd., and Flashdot Limited.

Together, the consent order and the dismissal resolve all claims the CFTC brought against Peken Global and the dismissed defendants in the complaint [See CFTC Press Release No. 8884-24].

The consent order also dismisses with prejudice counts II through V of the CFTC complaint filed March 26, 2024, against Peken Global.