KuCoin has agreed to a settlement worth USD $22
million with the state of New York, and to halt services for users in the region,
according to an order filed in the Supreme Court today (Tuesday). The crypto
exchange was charged for offering, selling, and purchasing cryptocurrencies as
securities and commodities, breaching New York’s laws.
KuCoin has acknowledged the allegations, agreeing to
a payment of $5.3 million and specific obligations. These include terminating
access to its services for New York users within a stipulated timeframe,
ceasing account creation for NY residents, and restricting existing NY accounts
solely for withdrawal purposes.
Additionally, the exchange has committed to
returning current account balances held by New York customers, valued at
approximately $16.7 million in fiat and cryptocurrencies. This restitution
process involves facilitating withdrawals and transferring remaining balances
to a third-party fund administrator for subsequent return to affected New York
customers.
KuCoin’s compliance
with the agreement involves a commitment to cease operations for New York
users, ensuring strict adherence to the consent order’s terms and conditions.
Expect ongoing updates as this story evolves…
KuCoin has agreed to a settlement worth USD $22
million with the state of New York, and to halt services for users in the region,
according to an order filed in the Supreme Court today (Tuesday). The crypto
exchange was charged for offering, selling, and purchasing cryptocurrencies as
securities and commodities, breaching New York’s laws.
KuCoin has acknowledged the allegations, agreeing to
a payment of $5.3 million and specific obligations. These include terminating
access to its services for New York users within a stipulated timeframe,
ceasing account creation for NY residents, and restricting existing NY accounts
solely for withdrawal purposes.
Additionally, the exchange has committed to
returning current account balances held by New York customers, valued at
approximately $16.7 million in fiat and cryptocurrencies. This restitution
process involves facilitating withdrawals and transferring remaining balances
to a third-party fund administrator for subsequent return to affected New York
customers.
KuCoin’s compliance
with the agreement involves a commitment to cease operations for New York
users, ensuring strict adherence to the consent order’s terms and conditions.
Expect ongoing updates as this story evolves…
