CoinEx Agrees To Settle Case With NYAG
Letitia James, the attorney general of New York, declared that the office had taken back more than $1.7 million from the cryptocurrency exchange CoinEx. The government body fined the Hong Kong-based cryptocurrency platform for operating outside of the state’s regulatory framework.
Notably, it is the same organisation that in a lawsuit against Kucoin classified Ethereum [ETH], the second-largest cryptocurrency, as a security.
CoinEx falsely claimed to be a cryptocurrency exchange. The crypto exchange was sued by the NYAG in February 2023. The primary cause was the lack of broker-dealer registration for commodities and securities. Additionally, the AG cited CoinEX for “misrepresenting itself as a cryptocurrency exchange.”
(With inputs from Shikha Singh)
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