Money laundering allegations: Tadej Pogacar promotes controversial crypto exchange

Tadej Pogacar undoubtedly has a high level of recognition and therefore advertising value. "We are delighted to announce a strategic partnership with world-class cyclist Tadej Pogacar. The partnership is themed 'Trust, Proven by Performance' and reflects a shared belief that trust is not declared, but earned through long-term performance, professionalism and discipline," reads a company statement. KuCoin has needed to earn trust - there have been numerous scandals since the platform was founded in 2017. In 2020, crypto assets worth over 280 million US dollars were stolen from the platform as a result of a hacker attack. According to the platform, some of this was later recovered. In the Netherlands and the UK, the platform is named on official lists that warn against unlicensed platforms. In Canada, KuCoin was fined for violating laws designed to prevent money laundering and terrorist financing. According to a study by the analysis company Inca Digital, the platform operates in Russia and allows banks blocked by sanctions to access crypto trading. KuCoin has denied these allegations in an official statement.

297 million US dollar fine

In 2024, an indictment was issued in the US for violating money laundering laws. In January 2025, KuCoin's parent company Peken Global Limited pleaded guilty and paid USD 297 million for violating US anti-money laundering laws. "For years, KuCoin avoided implementing mandated anti-money laundering policies aimed at identifying criminals and preventing illegal transactions. As a result, KuCoin was used to facilitate billions of dollars worth of suspicious transactions and transfer potentially criminal proceeds, including proceeds from darknet markets as well as malware, ransomware, and fraud schemes," the New York Attorney General's press release stated. The company was ordered to leave the US market for two years.

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Headwind for Tadej Pogacar

The company was initially founded in China, then relocated to Singapore and finally to the Seychelles. Tadej Pogacar is occasionally criticised on social media for his contract with KuCoin. As is usual with such contracts, the amount paid was not disclosed.