In a significant development in the cryptocurrency regulatory landscape, KuCoin, a prominent crypto exchange, has agreed to a $22 million settlement with the New York Attorney General’s (NYAG) office. This resolution marks a pivotal moment in the ongoing scrutiny of cryptocurrency exchanges by regulatory bodies in the United States.
NYAG Lawsuit Leads KuCoin to Leave New York
The settlement agreement, initially reported by Reuters, follows a lawsuit filed by the NYAG in March against the Seychelles-based KuCoin. The NYAG, led by Letitia James, accused the exchange of operating without proper registration, a requirement for platforms facilitating the buying and selling of cryptocurrencies like Ethereum (ETH), LUNA, and TerraUSD.
The lawsuit notably raised the issue of whether ether should be classified as a security, a point of contention in the broader regulatory discussion surrounding cryptocurrencies. The resolution of this lawsuit involves KuCoin paying $22 million and announcing
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