KuCoin Settles Cryptocurrency Lawsuit, Paying $22 Million

According to breaking information, cryptocurrency exchange KuCoin reached a settlement in the lawsuit filed by the New York Attorney General’s Office in exchange for terminating its services in New York and paying $22 million.

KuCoin CEO Johnny Lyu said in his statement on the subject:

“I want to update you all on our latest regulatory compliance action. KuCoin has reached a settlement with the New York Attorney General (NYAG), solidifying our commitment to compliant activities.

According to our agreement, users who need to leave KuCoin will receive an email or SMS within approximately 10 days and thereafter. If you don’t get any of these, that’s okay. Rest assured, your asset security is always guaranteed and will continue to be our top priority throughout this process.

I also want to warn you about possible rumors that may arise in the next few weeks. Please follow KuCoin’s official website for accurate information.”

Kucoin will refund $16.77 million to New York customers and pay $5.3 million to the New York State Attorney General’s office, settling accusations that it violated securities laws by offering tokens (including ETH) that met the definition of a security without registering with the attorney general’s office.

*This is not investment advice.