Seychelles-based KuCoin cryptocurrency “exchange” banned in New York, fined $22m

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

Please note that a cryptocurrency “exchange” is a website.

This article was written by Eamonn Sheridan at Source