Share this article
BTC
$88,791.40
+
2.00%ETH
$1,634.71
+
0.75%USDT
$0.9999
+
0.01%XRP
$2.1045
-
0.57%BNB
$605.77
+
0.80%SOL
$140.92
+
1.66%USDC
$0.9999
+
0.01%DOGE
$0.1645
+
2.27%TRX
$0.2441
+
0.93%ADA
$0.6399
-
0.26%LINK
$13.49
+
0.49%AVAX
$20.45
-
0.33%LEO
$8.8374
-
2.17%XLM
$0.2504
-
2.41%SUI
$2.3572
+
4.86%SHIB
$0.0₄1274
+
0.43%TON
$2.9196
-
2.74%HBAR
$0.1733
+
2.02%BCH
$347.96
+
2.70%HYPE
$18.63
+
4.24%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
KuCoin to Pay $22M, Exit New York to Settle State Suit
The exchange will pay $5.3 million to the attorney general's office and refund New York customers $16.77 million.
Crypto exchange KuCoin agreed to pay a total of $22 million and terminate access for users in New York state, court documents filed on Tuesday from the Supreme Court of the State of New York County showed.
Kucoin will refund $16.77 million to New York customers and pay $5.3 million to the Attorney General of the State of New York to settle charges it violated securities laws by offering tokens – including ether – that meet the definition of a security without registering with the attorney general’s office.
STORY CONTINUES BELOW
Attorney General of the State of New York Letitia James filed the suit in March, the first time a regulator had claimed in court that ether was a security.
"I want to update all of you about our latest compliance action. @kucoincom has reached a settlement with the New York Attorney General (NYAG), solidifying our commitment to compliant operations," KuCoin CEO Johnny Lyu said in a tweet.
KuCoin will need to terminate access to its services and close relevant accounts for New York users no later than 120 days after the effective date of the order, the document said.
UPDATE (Dec. 12 15:13 UTC): Adds detail on case in third, fifth paragraphs.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
