KuCoin founder Michael Gan has stepped down as the crypto exchange’s CEO following a settlement with the US Department of Justice (DOJ). Gan stepped down after the DOJ agreed to dismiss all the charges against him and his co-founder, Eric Tang, in the protracted case concerning regulation, money laundering, and other criminal matters.
Gan published a farewell message on KuCoin’s blog highlighting his achievements as the company’s leader, including growing the exchange from scratch to a user base of 38 million. According to the outgoing CEO, KuCoin has grown into one of the world’s leading exchanges, playing a significant role in advancing the possibilities of blockchain technology.
Details of the DOJ Settlement
In the meantime, Gan considers the terms of the resolution between the DOJ and himself favorable, noting that the government agency has agreed to drop all the charges against him and Tang. He appreciated the DOJ for adopting a “constructive approach” to resolving the issue, noting how it highlights his lack of intent to violate US laws.
According to Gan, the DOJ’s resolution reflects his lack of intent to commit fraud or similar criminal actions and provides much-needed regulatory clarity. He believes it would pave a clear path forward and enable KuCoin to focus on global growth, innovation, and value delivery.
Related:KuCoin Defies Legal Turmoil, Returns to Indian Play Store Amidst DOJ and CFTC Battles
BC Wong Appointed as New KuCoin CEO
BC Wong, famously known as “BC” across the crypto industry, takes over from Gan as KuCoin’s new CEO. The crypto exchange has announced Wong’s appointment, describing the new CEO as “a seasoned leader with extensive experience” in the cryptocurrency industry. Wong has been part of KuCoin’s leadership team and has contributed to establishing KuCoin as a top crypto exchange.
Related: KuCoin CEO: Criminal Allegations Reflect Industry Growth, Not Unique to Exchange
The settlement between Gan and the DOJ marks one of the first significant regulatory developments under President Donald Trump’s second term. This “collaborative” resolution reflects the industry’s hope for more favorable outcomes in other ongoing regulatory issues.
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