KuCoin Will Pay $22M to Settle Case in New York

After a lawsuit from the New York Attorney General’s office, KuCoin, a popular crypto exchange, has agreed to leave the New York market and pay a hefty $22 million settlement.

The suit was filed in March for violating the state’s laws by listing unregistered securities, including ether, among other tokens.

Under the terms of the settlement, KuCoin will pay $5.3 million to the state and refund $16.7 million worth of cryptocurrency to 177,800 investors in New York.

The Attorney General, Letitia James, emphasized that all financial institutions, including cryptocurrency companies, must adhere to the same rules and regulations.