KuCoin has been forced to block customers in New York and pay a $22 million fine.
The NY Attorney General took action against the firm for failing to register with the state before letting investors buy and sell cryptocurrencies on its platform.
- “Crypto companies should understand that they must play by the same rules as other financial institutions”
The NY AG has previously taken action against crypto firms such as:
- Genesis Global, its parent company Digitial Currency Group and Gemini
- Hong Kong-based cryptocurrency exchange CoinEx
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Please note that a cryptocurrency “exchange” is a website.
This article was written by Eamonn Sheridan at www.forexlive.com.
