Kucoin agrees to ban New York residents and pay $22 million in settlement

Crypto exchange Kucoin has agreed to pay $22 million to the State of New York and to bar residents of the state from using its platform, according to a stipulation and consent order filed in the New York Supreme Court on December 12.

Stipulation and consent order filed on December 12. Source: Supreme Court of the State of New York.

According to the order, Kucoin admits that it “operates a cryptocurrency trading platform on which users, including users in New York state, can purchase or sell cryptocurrencies which are securities or commodities as defined under the laws of New York state and that Kucoin is not registered as a securities or commodities broker-dealer.” In addition, Kucoin…

Read more on Cointelegraph

24.1K Reads