KuCoin will exit the New York market, pay $22 million to settle with the New York Attorney General’s office. 

Reuters first reported the settlement.

The crypto exchange, based in the Seychelles, was sued by the NYAG in March. Letitia James, who leads the New York office, accused the exchange of not registering before allowing users to buy and sell crypto on its platform. 

In the original lawsuit, the NYAG alleged that ether constitutes a security. The March lawsuit claimed that KuCoin’s registration should have been filed before it offered ETH, LUNA or TerraUSD.

In a post on X, KuCoin CEO Johnny Lyu confirmed the news, saying that impacted users — those based in New York —…

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