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"KuCoin Admits U.S. AML Fails, Pays $297M; Metaplanet Raises $745M for Bitcoin Bet; Venice Launches AI Token on Ethereum Layer 2"

Coin WorldTuesday, Jan 28, 2025 8:09 am ET

1min read

KuCoin, a leading global cryptocurrency exchange, has pleaded guilty to operating an unlicensed money-transmitting business in the United States. As part of the settlement, the exchange will pay $297 million in fines and forfeitures and will suspend operations in the U.S. market for at least two years. Prosecutors accused KuCoin of failing to implement proper anti-money laundering (AML) and know-your-customer (KYC) practices, which allegedly allowed billions in suspicious transactions, including funds linked to darknet markets, ransomware attacks, and other illicit activities.

The company's new CEO, BC Wong, who took over last week, stated, "This resolution signifies a new chapter for KuCoin, one that reaffirms our dedication to compliance, security, and innovation." KuCoin plans to strengthen its global compliance practices and hinted at a future reentry into the U.S. with proper licensing. This case marks a significant shift in regulatory pressure on crypto exchanges worldwide.

In other news, Metaplanet, a Japanese hotel investor, has achieved the largest Bitcoin-focused capital raise in Asian equity market history. The company raised $745 million by issuing 21 million shares through moving strike warrants at a 0% discount. This method minimizes dilution for existing shareholders while aligning with Metaplanet's bold "Bitcoin-first, Bitcoin-only" strategy. The funds raised will be used to increase the company's Bitcoin holdings as it looks to hedge against the yen's devaluation and capitalize on Bitcoin's all-time high. Currently, Metaplanet holds 1,762 BTC, making it the fifteenth largest publicly traded Bitcoin holder globally.

Metaplanet's shares closed 3% higher following the announcement, adding to a 16% year-to-date gain. The company's innovative approach to capital markets and its commitment to Bitcoin signal growing institutional interest in the asset.

Venice, a private, censorship-resistant artificial intelligence platform, has unveiled its native VVV token on Ethereum Layer 2, Base. Designed to bridge blockchain technology with generative AI, the token enables users to access decentralized AI inference through Venice's API. This infrastructure allows autonomous AI agents and bots to function without traditional banking intermediaries, significantly reducing costs and operational friction.

Out of the 100 million genesis supply, 50 million VVV

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