Kucoin settles its case with NYAG and will be existing from New York state as part of the deal
The lawsuit was the first regulatory action labelling Ethereum (ETH) as a security
The case of New York Attorney General – Letitia James versus Kucoin has reportedly come to an end. According to Reuters, the crypto exchange has decided to settle the lawsuit brought against it by the NYAG, instead of confronting it. The settlement will cost the platform a whopping $22 million along with an exit from the state.
The NYAG had sued the exchange in March of this year for operating in the state without registering as a security and commodities broker-dealer. The Attorney General’s office also alleged that the exchange had falsely represented itself. Moreover, the lawsuit aimed to stop the exchange from operating in New York and block users from accessing the website till it complies with the law.
Kucoin lawsuit claimed ETH to be a security
Interestingly, the lawsuit also alleged that popular cry
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