In a significant development, KuCoin, one of the leading cryptocurrency exchanges, has settled for $22 million and agreed to cease trading activities in New York to resolve a lawsuit brought against it by the state.
New York Investors To Receive $16.7 Million In KuCoin Settlement
According to a Bloomberg report, KuCoin will refund a total of $16.7 million to approximately 177,800 New York investors under the settlement terms. In addition, the exchange will pay a $5.3 million fine to the state, as announced by New York Attorney General (NYAG) Letitia James.
The settlement results from allegations that KuCoin failed to register as a securities and commodities broker-dealer while “falsely” presenting itself as a cryptocurrency exchange.
New York Attorney General Letitia James emphasized the alleged risks posed by “unregistered offshore crypto platforms” to investors, consumers, and the broader economy. NYAG Letitia James stated:
I will continue to take action against any c
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