The operator of crypto exchange KuCoin will pay $500,000 to settle US derivatives regulator allegations that it ran an unregistered offshore platform that illegally let US residents trade.

Peken Global Ltd. agreed to the settlement without admitting or denying the Commodity Futures Trading Commission’s claims. Under the agreement, the firm is prohibited from allowing US customers to access KuCoin without registering with the agency, according to a court order announced Monday.