Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ADOPTION NEWS»KuCoin will pay $22 million to leave New York for landmark settlement
ADOPTION NEWS

KuCoin will pay $22 million to leave New York for landmark settlement

By Crypto FlexsDecember 13, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
KuCoin will pay  million to leave New York for landmark settlement
Share
Facebook Twitter LinkedIn Pinterest Email

KuCoin, one of the world’s most popular cryptocurrency exchanges, has reached a major settlement with the New York State Attorney General’s Office. The signing of this deal, which includes a $22 million payment and a pledge to cease operations for New York State residents, marks a significant step forward in regulating cryptocurrency exchanges in the United States.

Under the settlement and consent order filed with the New York Supreme Court, KuCoin will pay a total of $22 million to the state of New York. This total consists of a total of $5.3 million paid to the Attorney General’s Office and a total of $16.77 million paid to New York consumers. At issue in the settlement is an allegation that KuCoin violated securities laws by selling tokens, including ether, as securities without first registering under applicable regulations.

The lawsuit, filed by New York Attorney General Letitia James, was the first time a regulator had argued in court that ether constituted a security. This groundbreaking claim reflects the continued growing understanding of cryptocurrencies as financial instruments as well as their regulation.

KuCoin CEO Johnny Lyu pointed out that this payment is a guarantee of the exchange’s commitment to conduct operations in compliance with regulations. This decision comes at a time of significant change in the regulatory environment for Bitcoin platforms globally.

As part of the settlement, KuCoin will remove access for New York State users within 120 days from the date the order goes into effect. The exchange only allows users to withdraw money for 30 days, while users can withdraw their money within 90 days. This move is in line with the needs of regulators and KuCoin’s evolving attitude toward compliance, which marks a departure from the company’s previous stance on protecting users’ privacy.

Previously, KuCoin was known for its privacy philosophy, opposing Know Your Customer (KYC) and Anti-Money Laundering (AML) legislation. The company’s main focus was Bitcoin trading. Since then, this policy has undergone changes to comply with legal standards, reflecting the constant conflict that exists between privacy and compliance in the Bitcoin sector.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 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

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

As Bitcoin inches towards all-time highs, ETH, LINK, AAVE, and BGB move higher.

December 15, 2024

Animoca Brands holds $558 million in digital assets, according to unaudited disclosures.

April 17, 2024

Binance Lists Pyth Network (PYTH) with Seed Tag

February 2, 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.