KuCoin Agrees to $22 Million Settlement with New York State

KuCoin, a significant crypto exchange, has agreed to a settlement with New York State, agreeing to pay $22 million and halt services for users in the state, as per filings in the New York County Supreme Court on Tuesday. As part of this resolution, KuCoin will reimburse around $16.77 million to its New York customers and provide an extra $5.3 million to the State’s Attorney General. The charges revolve around allegations that KuCoin breached securities laws by offering tokens considered as securities without proper registration with the attorney general’s office, prompting legal action.

This lawsuit, spearheaded by Attorney General Letitia James in March, notably made the assertion in court that Ethereum, the second-largest cryptocurrency, should be categorized as a security, marking a significant regulatory move.

KuCoin’s CEO, Johnny Lyu, commented on the settlement, stating, “I’m sharing news about our latest compliance action. @kucoincom has settled with the New York Attorney General (NYAG), affirming our commitment to compliant operations.”

According to court records, KuCoin is obliged to cease service access and close relevant accounts for New York-based users within 120 days of the order’s effective date.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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