Eric Tang, a co-founder of KuCoin, left every role at the exchange under a settlement with the U.S. Department of Justice that became public on January 27, 2025, Decrypt reported that day2. Founder Michael Gan described the settlement in a post on KuCoin's own blog, timestamped January 28, 20251. Gan stepped down from every role at the same time, under the same deal. Decrypt reported on January 27, 2025, that the exchange's operating entity, Peken Global Ltd., had pleaded guilty to running an unlicensed money-transmitting business. Peken Global agreed to pay nearly $300 million in fines and forfeitures.
The second executive exit at KuCoin on the record since 2025
Leadership moves CryptoLately has verified at KuCoin, by year
- 2025: 4
- 2020, 2021, 2022, 2023, 2024
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2020 | 2 |
| 2021 | 0 |
| 2022 | 0 |
| 2023 | 1 |
| 2024 | 0 |
| 2025 | 4 |
20 executive exits on the record in 2025
Executive exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2025: 20
- 2019, 2020, 2021, 2022, 2023, 2024, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 6 |
| 2020 | 1 |
| 2021 | 9 |
| 2022 | 9 |
| 2023 | 8 |
| 2024 | 11 |
| 2025 | 20 |
| 2026 | 27 |
The move
Gan called the government's case against him and Tang a resolved matter. “The DOJ has agreed to dismiss all charges against me and my co-founder, Eric Tang, upon satisfaction of certain conditions,” Gan wrote. “I appreciate the DOJ's constructive approach in reaching this resolution, which reflects my lack of any intent to violate U.S. law or involvement in money laundering, fraud, or similar criminal actions.”1
Decrypt filled in the legal detail Gan's post skipped. U.S. District Judge Andrew Carter set a $113 million fine and ordered $184.5 million in forfeitures as part of the plea, the outlet reported, citing a U.S. Attorney's Office statement2. The charges traced to a March 2024 indictment against KuCoin and its founders, Chun Gan and Ke Tang, both Chinese nationals, over an unlicensed money-transmitting business and a missing anti-money-laundering program. Gan and Tang each signed deferred prosecution agreements, and each agreed to forfeit $2.7 million, Decrypt reported. The outlet named Tang by his given name, Ke, and noted he went by Eric. Decrypt reported that prosecutors said Tang's role in KuCoin's management and operations would end.
KuCoin before and after
Gan had founded KuCoin in 2017, with a goal he described as "making cryptocurrency accessible to everyone." He wrote that the exchange had grown to serve more than 38 million users by the time he left1. The move followed an earlier settlement. KuCoin reached a $22 million deal with New York state regulators in December 2023 over claims it skipped registration as a securities and commodities broker-dealer, and the exchange halted trading in the state as part of that deal, Decrypt reported2.
Leadership now sat with chief executive BC Wong, Gan said. “I have full confidence in BC Wong and the exceptional leadership team,” Gan wrote. “Their vision, dedication, and innovative approach will undoubtedly solidify KuCoin's position as a trusted leader in the cryptocurrency industry.”1 Gan said he would chase "new ventures and partnerships" in blockchain and crypto, while leaving every role at KuCoin behind him.
What came next
KuCoin kept growing under Wong: the exchange said on April 3, 2025, that it had passed 40 million registered users worldwide, a figure it tied straight to the resolved DOJ case. “KuCoin's growth is not just in numbers but also in its steadfast commitment to compliance and user protection,” the exchange wrote, calling the DOJ settlement a turning point that set "a clear path for future operations."3 Wong credited the user base for the milestone. “Our journey to 40 million users is not just a number, it's a testament to the trust we've built with our users across the globe,” Wong said. “We remain committed to delivering a secure and dynamic trading environment, with compliance as our backbone and innovation as our path forward.”
Sources
- Michael Gan, "Embracing a New Chapter Ahead - A Message from Our Founder, Michael Gan," KuCoin, January 28, 2025, https://www.kucoin.com/blog/message-from-kucoin-founder-michael-embracing-new-chapter
- Sebastian Sinclair, "KuCoin Co-Founders Step Down Amid $300M Settlement Over US Charges," Decrypt, January 27, 2025, https://decrypt.co/303051/kucoin-co-founders-step-down-amid-300m-settlement-over-us-charges
- "KuCoin Surpasses 40 Million Registered Users, Demonstrating Commitment to Compliance and Innovation," KuCoin, April 3, 2025, https://www.kucoin.com/blog/kucoin-surpasses-40-million-registered-users-demonstrating-commitment-to-compliance-and-innovation