New York Exit: KuCoin Resolves $22 Million Lawsuit with State Attorney General
Crypto exchange KuCoin will halt operations in New York following a settlement. To resolve a lawsuit accusing the platform of failing to register as a securities and commodities broker-dealer.
As part of the agreement, KuCoin is obligated to pay a $5.3 million penalty and issue refunds exceeding $16.7 million to affected users in the state. The exchange is now prohibited from trading securities and commodities in New York. And creating new accounts for residents. Existing customers are permitted only to withdraw their assets.
New York Attorney General Letitia James emphasizes the importance of crypto companies adhering to financial regulations. Stating that the settlement ensures affected New Yorkers can recover their investments while preventing KuCoin from jeopardizing other investors in the state. KuCoin CEO Johnny Lyu assures affected users that their assets are secure Emphasizing the company’s commitment to compliance.
Clever Robot News Desk 15th December 2023
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