- New York Attorney General Letitia James has ordered KuCoin to cease operations in New York and pay over $22 million for operating without proper registration.
New York Attorney General Letitia James has ordered KuCoin crypto exchange to pay a fine of $22 million and also stop operating in the state.
This move comes after the trading platform was found to be operating illegally in New York.
The Attorney General’s office mandates KuCoin to cease operations in the major financial hub. KuCoin found itself in regulatory hot water for bypassing New York’s stringent securities and commodities broker registration requirements.
Further scrutiny into KuCoin’s operations unveiled that the platform engaged in cryptocurrency trading without necessary regulatory clearances.
This included masquerading as a registered exchange despite lacking the required credentials.
This development is part of Attorney General James’ broader campaign to clamp down on illicit cryptocurrency activities in New York. Her office’s aggressive stance has resulted in the recovery of over half a billion from various crypto entities.
New York is widely considered to have one of the strictest regulatory environments for cryptocurrencies in the US.
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