Crypto exchange KuCoin has just reached an agreement with the New York State Attorney General's Office according to which it will pay more than $22 million and ban access to the platform to residents in New York to settle a lawsuit in the state.
The jurisdiction's attorney general, Letitia James, in March accused the platform of violating securities laws by offering digital assets without a license.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
According to her, KuCoin operated without registering as a broker-dealer and "falsely representing itself as a crypto exchange."
The exchange's CEO, Johnny Liu, has said:
"I want to update all of you about our latest compliance action. KuCoin has reached a settlement with the New York Attorney General (NYAG), solidifying our commitment to compliant operations."
The exchange will cease operations in New York by closing user accounts.