PANews reported on March 31 that, according to Bloomberg, Peken Global, the operator of cryptocurrency exchange KuCoin, has agreed to pay $500,000 to settle a civil lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC). The CFTC accused KuCoin of illegally allowing U.S. residents to trade as an unregistered offshore platform. KuCoin neither admitted nor denied the allegations and was prohibited from allowing U.S. customers to access the platform without registering with the CFTC. The CFTC stated that U.S. customers generated approximately $110 million in trading fees for KuCoin, and given the company's cooperation and forfeitures in parallel criminal cases, it did not seek to recover the illicit gains.