Cryptocurrency exchange KuCoin has agreed to pay $22 million and cease operations in New York State to settle a lawsuit filed by the Attorney General’s office.
The New York State Attorney General Letitia James filed a lawsuit against KuCoin on March 9, 2023. The lawsuit accused KuCoin of failing to register with the state before allowing investors to buy and sell cryptocurrencies on its platform.
Settlement terms
Court documents from the Supreme Court of the State of New York County revealed that KuCoin will compensate New York customers to the tune of $16.77 million and pay an additional $5.3 million to the Attorney General’s office.
The settlement resolves allegations that KuCoin violated the law by operating as an exchange for both securities and commodities services without obtaining the proper licensure to business in New York State. As part of the settlement terms, KuCoin must terminate access to its services for New York residents and close relevant accounts within 120 days
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