Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»ETHEREUM NEWS»KuCoin leaves New York after $22 million NYAG settlement, but won’t call Ethereum a security.
ETHEREUM NEWS

KuCoin leaves New York after $22 million NYAG settlement, but won’t call Ethereum a security.

By Crypto FlexsDecember 12, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
KuCoin leaves New York after  million NYAG settlement, but won’t call Ethereum a security.
Share
Facebook Twitter LinkedIn Pinterest Email

KuCoin, a cryptocurrency exchange based in Seychelles It was agreed to cease all operations. Paid more than $22 million for settlement in New York Litigation with New York Attorney General It concerns the illegal sale of unregistered securities and products.

The company now reportedly owes New York-based KuCoin users $16.7 million worth of refunds for cryptocurrency transactions and an additional $5.3 million to the Attorney General’s Office, according to legal filings.

KuCoin also acknowledged under the settlement that it operates a cryptocurrency exchange that allows users to buy or sell cryptocurrencies that are “securities or instruments as defined under New York State law.”

While a significant admission, the language falls short of the New York attorney general’s initial goals. filed a lawsuit In March, against KuCoin, the then-NYAG attempted to file a lawsuit against the exchange to simultaneously prove that Ethereum was a security under New York law. This was a bold accusation.

We are building a cryptocurrency platform in our office. @kucoincom Must pay more than $22 million for operating illegally in New York.

KuCoin is also prohibited from doing business in our state.

The Shady cryptocurrency platform must follow the same rules as everyone else or face the consequences. https://t.co/v3sS3eP3XJ

— NY AG James (@NewYorkStateAG) December 12, 2023

“This action marks one of the first times a regulator has argued in court that ETH, one of the largest cryptocurrencies, is a security,” NYAG said. declare In March. “The petition asserts that ETH, like LUNA and UST, is a speculative asset that relies on the efforts of third-party developers to provide profits to ETH holders.”

However, Tuesday’s agreement did not acknowledge that the specific cryptocurrencies offered by KuCoin were securities. part Among the tokens being bought and sold, they are securities or or Goods.

Nonetheless, the concessions KuCoin made to end the lawsuit are significant. As of this writing, internet users with New York IP addresses can no longer access the KuCoin platform. According to NYAG, there were more than 177,000 users of the service in the state.

“Cryptocurrency companies must understand that they must follow the same rules as other financial institutions, or my office will hold them accountable,” New York Attorney General Letitia James said in a statement. “I will continue to take action against any company that brazenly ignores the law and jeopardizes the savings and investments of New Yorkers.”

New York has boasted some of the most restrictive cryptocurrency policies in the country for years. In early 2015, cryptocurrency exchange Kraken left the state in protest against the new policy. Bit License Cryptocurrency registration law established by Kraken blame to It is described as ‘abominable’, ‘cruel’ and ‘unpleasant’.

Last October, California Similar cryptocurrency regulation lawsThis will come into effect from July 2025.

Editor: Andrew Hayward

Stay up to date with cryptocurrency news and receive daily updates in your inbox.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Class action lawsuit claims Microsoft choked AI supply to drive up ChatGPT costs

October 14, 2025

‘OG’ Whale Attracts Over $400 Million in Bearish BTC Bet

October 10, 2025

BitDigital becomes the first public Etherrium for distributing unsecured leverage -details -Details

October 6, 2025
Add A Comment

Comments are closed.

Recent Posts

ZBCN is tradable!

October 15, 2025

Analysts expect a breakout of $135 as ETF approval buzz grows.

October 15, 2025

Chinese woman pleads guilty ahead of trial in $7 billion British Bitcoin fraud case

October 15, 2025

XMoney Launches $XMN On Sui, Expands Listings Across Global Exchanges

October 15, 2025

ZNB) STRENGTHENS BALANCE SHEET WITH USD 231 MILLION BITCOIN-BACKED INVESTMENT AMID MARKET TURBULENCE

October 15, 2025

XRP price falls 6% as market crash causes whales to flee

October 15, 2025

US government holds $36 billion in Bitcoin after largest confiscation in history

October 15, 2025

Decoding City Protocol’s IP Capital Market

October 14, 2025

Tria Raises $12M To Be The Leading Self-custodial Neobank And Payments Infrastructure For Humans And AI.

October 14, 2025

How to Use Google Gemini to Analyze Crypto Coins Before Investing

October 14, 2025

Class action lawsuit claims Microsoft choked AI supply to drive up ChatGPT costs

October 14, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

ZBCN is tradable!

October 15, 2025

Analysts expect a breakout of $135 as ETF approval buzz grows.

October 15, 2025

Chinese woman pleads guilty ahead of trial in $7 billion British Bitcoin fraud case

October 15, 2025
Most Popular

Indonesian financial regulator announces new cryptocurrency regulations to strengthen industry

March 13, 2024

Wintermute Announces Liquidity Support for Hong Kong Spot Bitcoin and Ether ETFs

May 8, 2024

Solana fell to a 45-day low. Will SOL price rebound to $130?

June 18, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.