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KUCOIN TO PAY $22M, EXIT NEW YORK TO SETTLE STATE SUIT


KUCOIN TO PAY $22M, EXIT NEW YORK TO SETTLE STATE SUIT


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.


THE EXCHANGE WILL PAY $5.3 MILLION TO THE ATTORNEY GENERAL'S OFFICE AND REFUND
NEW YORK CUSTOMERS $16.77 MILLION.


THE EXCHANGE WILL PAY $5.3 MILLION TO THE ATTORNEY GENERAL'S OFFICE AND REFUND
NEW YORK CUSTOMERS $16.77 MILLION.

By Camomile Shumba
Dec 12, 2023, 2:42 PM
Updated Dec 12, 2023, 3:13 PM
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KuCoin (Shutterstock)

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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.



AcceptRejectDismiss

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," KuCon 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.

STORY CONTINUES BELOW

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UPDATE (Dec. 12 15:13 UTC): Adds detail on case in third, fifth paragraphs.

Edited by Sheldon Reback.

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Please note that our privacy policy, terms of use, cookies, and do not sell my
personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the
future of money, CoinDesk is an award-winning media outlet that strives for the
highest journalistic standards and abides by a strict set of editorial policies.
In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a
regulated, institutional digital assets exchange. Bullish group is majority
owned by Block.one; both groups have interests in a variety of blockchain and
digital asset businesses and significant holdings of digital assets, including
bitcoin. CoinDesk operates as an independent subsidiary, and an editorial
committee, chaired by a former editor-in-chief of The Wall Street Journal, is
being formed to support journalistic integrity.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She
previously worked as an intern for Business Insider and Bloomberg News. She does
not currently hold value in any digital currencies or projects.

Follow @camomileshumba on Twitter

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Please note that our privacy policy, terms of use, cookies, and do not sell my
personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the
future of money, CoinDesk is an award-winning media outlet that strives for the
highest journalistic standards and abides by a strict set of editorial policies.
In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a
regulated, institutional digital assets exchange. Bullish group is majority
owned by Block.one; both groups have interests in a variety of blockchain and
digital asset businesses and significant holdings of digital assets, including
bitcoin. CoinDesk operates as an independent subsidiary, and an editorial
committee, chaired by a former editor-in-chief of The Wall Street Journal, is
being formed to support journalistic integrity.

@2023 CoinDesk

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