KuCoin has announced it will block users in New York and pay a $22 million fine to settle a lawsuit brought by the state. The Seychelles-based cryptocurrency exchange was accused of failing to register before allowing investors to trade cryptocurrencies. In the settlement, KuCoin agreed to cease trading securities and commodities in New York. The move aligns with increased scrutiny by U.S. regulators on fraud, money laundering, and investor protection in the cryptocurrency space. Similar lawsuits were filed against other companies, including Genesis Global, Digital Currency Group (DCG), and Gemini. KuCoin’s $22 million payment includes $5.3 million to the state and a $16.7 million cryptocurrency refund to 177,800 New York investors.
Additionally, KuCoin is facing challenges in the UK. In October 2023, it was added to the UK Financial Conduct Authority’s warning list for marketing services without proper approvals. The FCA’s updated rules require crypto platforms, regardless of location, to display clear risk warnings and meet higher technical standards. KuCoin and other companies on the warning list may face penalties, including takedown requests, fines, and potential legal consequences.
By FCCT Editorial Team
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