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After being sued in February 2023 for operating illegally, Coinex, a Hong Kong-based cryptocurrency exchange, has reached a settlement with the New York Attorney General’s office, paying more than $1.7 million and offering its services. restrictions are included. New York.
The money recovered will go to fines and refunds to New York investors.
Coinex Will Refund Over $1 Million
one in Press release CoinX agreed to pay more than $1.1 million to more than 4,600 New York investors and a $600,000 penalty to New York State from the New York Attorney General’s (NYAG) office. Refunds will happen over the next 90 days when users can be paid back in crypto directly from the exchange.
The agreement between Coinex and the NYAG’s office will also prohibit the crypto firm from offering, selling or buying securities and commodities in New York and prohibit the company from opening new accounts for customers in the US. Access to the Coinex platform for New York IP addresses.
Commenting on the latest development, NYAG Letitia James said:
“Today’s settlement should serve as a reminder to crypto companies that ignoring New York’s laws has enormous consequences. My office will continue to crack down on crypto companies that flout the law, mislead investors, and put New Yorkers at risk.
The NYAG’s office recently ordered Coin Cafe to refund more than $4 million to users, on the grounds that the crypto firm defrauded investors with its “free” bitcoin wallet storage service, which was not free.
NYAG Wants Tougher Crypto Regulations
The development comes after CoinX and the NYAG’s office settle a lawsuit brought by the latter against the firm in February 2023. as reported earlier crypto potatoThe New York regulator alleges that CoinX misrepresented itself as a cryptocurrency exchange and sold tokens labeled as securities and commodities without proper registration.
Shortly after the lawsuit, Coinex announced it was withdrawing its services from the US market.
In May, Attorney General James proposed legislation called the Crypto Regulation, Protection, Transparency and Oversight (CRPTO) Act that would see more stringent regulatory policies for the cryptocurrency industry. James believes that the lack of strong crypto regulations makes the industry prone to fraud and other criminal activity.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
After being sued in February 2023 for operating illegally, Coinex, a Hong Kong-based cryptocurrency exchange, has reached a settlement with the New York Attorney General’s office, paying more than $1.7 million and offering its services. restrictions are included. New York.
The money recovered will go to fines and refunds to New York investors.
Coinex Will Refund Over $1 Million
one in Press release CoinX agreed to pay more than $1.1 million to more than 4,600 New York investors and a $600,000 penalty to New York State from the New York Attorney General’s (NYAG) office. Refunds will happen over the next 90 days when users can be paid back in crypto directly from the exchange.
The agreement between Coinex and the NYAG’s office will also prohibit the crypto firm from offering, selling or buying securities and commodities in New York and prohibit the company from opening new accounts for customers in the US. Access to the Coinex platform for New York IP addresses.
Commenting on the latest development, NYAG Letitia James said:
“Today’s settlement should serve as a reminder to crypto companies that ignoring New York’s laws has enormous consequences. My office will continue to crack down on crypto companies that flout the law, mislead investors, and put New Yorkers at risk.
The NYAG’s office recently ordered Coin Cafe to refund more than $4 million to users, on the grounds that the crypto firm defrauded investors with its “free” bitcoin wallet storage service, which was not free.
NYAG Wants Tougher Crypto Regulations
The development comes after CoinX and the NYAG’s office settle a lawsuit brought by the latter against the firm in February 2023. as reported earlier crypto potatoThe New York regulator alleges that CoinX misrepresented itself as a cryptocurrency exchange and sold tokens labeled as securities and commodities without proper registration.
Shortly after the lawsuit, Coinex announced it was withdrawing its services from the US market.
In May, Attorney General James proposed legislation called the Crypto Regulation, Protection, Transparency and Oversight (CRPTO) Act that would see more stringent regulatory policies for the cryptocurrency industry. James believes that the lack of strong crypto regulations makes the industry prone to fraud and other criminal activity.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
