2023-12-12 16:33:57
Bitcoin exchange KuCoin has reached agreements with the New York State Attorney’s Office to settle claims that will pay more than $22 million.
In March, the jurisdiction’s attorney general, Letitia James, charged the platform with violating securities laws by offering unlicensed digital assets.
According to the statement, KuCoin operated without registering as a broker-dealer and “falsely represented itself as an exchange.”
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1/ I want to update all of you regarding our latest compliance action. @kucoincom has reached a settlement with the New York Attorney General (NYAG), solidifying our commitment to compliant operations.
— Johnny_KuCoin (@lyu_johnny) December 12, 2023
“I would like to inform everyone regarding our latest compliance actions. KuCoin has reached an agreement with the New York Attorney General, confirming its commitment to complying with regulatory requirements,” the company’s CEO, Johnny Liu, addressed users.
KuCoin agreed to return $16,766,642 in funds to state customers and also pay $5.3 million to law enforcement. The exchange will cease operations in New York by closing user accounts.
The platform must comply with the court-approved decision within 120 days.
Let us recall that in 2022, regulators in Canada and the Netherlands issued warnings regarding the unregistered activities of KuCoin.
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