Categories Crypto News

KuCoin agrees to block New York users

KuCoin, one of the world’s largest cryptocurrency exchanges, has agreed to block New York users from its platform and pay $22 million to settle a lawsuit brought by the state as part of its push to rein in digital assets companies.

Attorney General Letitia James sued Seychelles-based KuCoin in March, accusing the platform of failing to register with the state before letting investors buy and sell cryptocurrencies on its platform.

“Crypto companies should understand that they must play by the same rules as other financial institutions,” James said in a statement on Tuesday.

The settlement, in which KuCoin also agreed to stop trading securities and commodities in New York, comes as U.S. regulators and law enforcement agencies crack down on fraud, money laundering and inadequate investor protections in the cryptocurrency space.

In October, James’ office sued cryptocurrency firms Genesis Global, its parent company Digitial Currency Group and Gemini for allegedly defrauding investors of more than $1 billion. DCG called the lawsuit baseless.

Her office in June reached a $1.8 million settlement with Hong Kong-based cryptocurrency exchange CoinEx for operating illegally because it failed to register with the state.

Last month, FTX founder Sam Bankman-Fried was convicted on federal charges of stealing billions of dollars from that cryptocurrency exchange’s customers, while rival Binance’s founder agreed to plead guilty to breaking U.S. anti-money laundering laws.

If you desire to spend cash or crypto on any platform, we don't recommend it. Many offers we present you here doesn't require your spending money to earn anything. For those that do, please do your due diligence before comitting your earnings to it.

More From Author

You May Also Like

Why Cryptocurrency Investors Are Attracted to VNBTC

Cryptocurrency cloud mining has evolved as a rapidly expanding, essential sector transforming the financial landscape.…

Can NYC become the ‘Crypto Capital’ of the World?

Can NYC become the ‘Crypto Capital’ of the World? New York Mayor Eric Adams declared…

News – Meta Seeking Stablecoin Collaboration

Meta is “engaged in negotiations with cryptocurrency companies to introduce stablecoins as a method for…