KuCoin Crypto Exchange Sued By NYAG Over Selling Securities

On Thursday, the office of the New York Attorney General filed a lawsuit against the cryptocurrency exchange KuCoin, saying that the company marketed unregistered securities and commodities. According to the allegations made by NYAG in the lawsuit, the Seychelles-based KuCoin has been conducting business in New York without being registered as a securities and commodities broker-dealer.

NYAG Seeks To Block KuCoin

Despite the fact that KuCoin is not officially registered in the state of New York, the Office of the Attorney General (OAG) was able to buy and sell cryptocurrencies on the platform while residing in that state. By taking this legal action, Attorney General James intends to prevent KuCoin from conducting business in the state of New York and to prevent access to the company’s website until it conforms with the law. This comes on the heels of the cryptocurrency industry being subjected to increased scrutiny in recent times, spearheaded by the SEC chief Gary Gensler.

This is a developing story and is being frequently updated.

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

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