KuCoin Settles State Suit: Exits New York and Pays $22M

• KuCoin to Pay $22 Million in Settlement to New York State
• KuCoin's Settlement Breakdown
• Statement from the New York Attorney General's Office

KuCoin to Pay $22 Million in Settlement to New York State

The cryptocurrency exchange platform, KuCoin, has reached an agreement to pay a sum of $22 million and cease its operations for users based in New York State, according to court documents filed on Tuesday in the Supreme Court of the State of New York County.

KuCoin's Settlement Breakdown

As part of the settlement, KuCoin will return $16.77 million to its New York customers and will also make a payment of $5.3 million to the Attorney General of the State of New York. This is to settle the charges levelled against the exchange for breaching securities laws by offering tokens, including ether, that fit the description of a security without prior registration with the attorney general's office.

Statement from the New York Attorney General's Office

Letitia James, the Attorney General of the State of New York, initially filed the lawsuit in March. The latest development in the legal proceeding was shared by KuCoin's CEO, Johnny Lyu, via a tweet. He stated that KuCoin had reached a settlement with the New York Attorney General (NYAG), and emphasised the company's commitment to compliant operations.

Edited by Jonathan Stoker