KuCoin to Cease Operations in New York, Pay $22M Settlement

The crypto exchange settles with NYAG over illegally unregistered sale of securities and commodities, agrees to refund NY users and pay fines.

KuCoin, a Seychelles-based crypto exchange, has agreed to cease all operations in New York and pay over $22 million to settle a lawsuit with the New York Attorney General.
The lawsuit was over the illegally unregistered sale of securities and commodities.
KuCoin is now required to pay New York-based KuCoin users over $16.7 million worth of refunds for crypto transactions, and will owe a further $5.3 million to the Office of the Attorney General.
New York users will lose the ability to trade within 30 days and will have their accounts closed within 120 days.
KuCoin has admitted that it operates a crypto exchange on which users can purchase or sell cryptocurrencies which “are securities or commodities as defined under the laws of New York State.”