KuCoin Forced To Exit New York After Settling State Attorney General’s Lawsuit for $22,000,000
Crypto exchange KuCoin will cease operating in New York as part of an agreement to settle a lawsuit accusing the Seychelles-based platform of failing to register as a securities and commodities broker-dealer.
In a new statement, the office of New York Attorney General Letitia James says KuCoin must pay the state a $5.3 million penalty and give refunds totaling more than $16.7 million.
The exchange is also banned from trading securities and commodities in the Big Apple as well as from creating new accounts for New Yorkers. KuCoin’s existing customers in the state will only be able to withdraw their assets from the platform.
Says James,
“Crypto companies should understand that they must play by the same rules as other financial institutions, and my office will hold them accountable when they don’t. This settlement will ensure every New Yorker who put their money into KuCoin can get it back and that KuCoin won’t be able to put other New York investors at risk.”
KuCoin CEO Johnny Lyu says the settlement shows the firm’s commitment to compliance operations and tells affected customers that their assets are safe.
“Under our agreement, users required to retire from KuCoin will receive an email or SMS in about 10 days and onwards. If you don’t receive either of these, you’re alright. Rest assured – your asset security is always guaranteed and remains our top priority during this process.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post KuCoin Forced To Exit New York After Settling State Attorney General’s Lawsuit for $22,000,000 appeared first on The Daily Hodl.
Go to Source
Author: Rhodilee Jean Dolor
