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Funds tied to KuCoin, a Seychelles-based cryptocurrency exchange linked to China that lacks authorization to operate in Britain and faces U.S. charges of transmitting money without a license, continued to flow to and from the U.K. via a Lithuanian intermediary until recently. In October 2023, the Financial Conduct Authority added KuCoin and Huobi, a rival platform also tied to China, to a warning list for marketing services in Britain without permission as part of the agency's bid to clamp down on offshore exchanges that flout U.K. regulations. Federal prosecutors in Manhattan then charged KuCoin and two of the company's founders...