New York State Attorney General Letitia James attends a U.S. midterm election night party for New York Governor Democratic Kathy Hochul in New York, U.S. November 8, 2022. REUTERS/Brendan McDermid/File Photo
NEW YORK, March 9 - New York's attorney general on Thursday sued KuCoin for failing to register with the state before letting investors buy and sell cryptocurrencies on its platform, as part of her effort to rein in what she calls "shadowy" cryptocurrency companies. Attorney General Letitia James said the fourth-largest cryptocurrency platform violated the Martin Act, a powerful state securities law, by transacting in cryptocurrencies, selling the product "KuCoin Earn" to generate income for itself and investors, and wrongfully calling itself an "exchange."
In papers filed with a state court in Manhattan, James is seeking a permanent injunction to stop KuCoin from operating in New York until it complies with the law.Launched in September 2017, KuCoin describes itself on its website as the "People's Exchange," with more than 27 million users across 207 countries and regions.
KuCoin trails Binance, Coinbase and Kraken in trading volume among cryptocurrency spot exchanges, according to the data company CoinMarketCap. It raised $150 million in a funding round
Kucoin wouldn't really mind the lawsuit since theyre based in Seychelles not New York 💯🤡
I lost of my crypto in an amnesia accident
BULLISH
That’s business name is a choice
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Source: CoinDesk - 🏆 291. / 63 Read more »