What's Hot

    Circle Launches EURC on Stellar Network

    September 28, 2023

    Gemini Allocates $24 Million for Indian Expansion

    September 28, 2023

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      Circle Launches EURC on Stellar Network

      News September 28, 2023
      Recent

      Circle Launches EURC on Stellar Network

      September 28, 2023

      Gemini Allocates $24 Million for Indian Expansion

      September 28, 2023

      Kraken Secures EMI License from Ireland and Spain

      September 28, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»CoinEx Banned From Operating in New York
    News

    CoinEx Banned From Operating in New York

    Anietie DavidBy Anietie DavidJune 19, 2023Updated:September 21, 2023No Comments3 Mins Read
    CoinEx Banned From Operating in New York
    Share
    Facebook Twitter LinkedIn Pinterest Email

    CoinEx, a cryptocurrency exchange based in Hong Kong, has reached a settlement with the office of the New York Attorney General after facing a lawsuit for illegal operations in February 2023. As per the agreement, CoinEx will pay a sum exceeding $1.7 million and will be prohibited from offering its services in New York. The recovered funds will be utilized for penalties and refunds to investors in New York.

    In an official press release by the New York Attorney General’s (NYAG) office, CoinEx has agreed to reimburse more than $1.1 million to over 4,600 investors in New York. Additionally, they will pay $600,000 in penalties to the state of New York. The refund process will be completed within the next 90 days, allowing users to receive their refunds directly in cryptocurrency from the exchange.

    CoinEx a Stepping Stone Towards Tougher Crypto Regulations

    The agreement between CoinEx and the NYAG’s office also entails several restrictions. CoinEx is prohibited from engaging in the offering, selling, or buying of securities and commodities in New York. Moreover, the company is forbidden from opening new accounts for U.S. customers. CoinEx is obligated to implement geoblocking measures to prevent access to its platform from New York IP addresses.

    NYAG Letitia James commented on this recent development, stating, “Today’s agreement should serve as a stern warning to cryptocurrency companies that disregarding New York’s laws carries significant consequences. My office will continue to take strong action against crypto firms that brazenly ignore the law, deceive investors, and put New Yorkers at risk.”

    Notably, the NYAG’s office recently mandated Coin Cafe to refund over $4 million to its users after determining that the crypto firm deceived investors with its supposedly “free” bitcoin wallet storage service, which, in reality, was not free.

    The development between CoinEx and the office of the NYAG settles a lawsuit brought by the latter against the firm in February 2023. The New York regulator alleged that CoinEx falsely represented itself as a cryptocurrency exchange and sold tokens labeled as securities and commodities without proper registration. Shortly after the lawsuit, CoinEx announced that 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 the lack of robust crypto rules makes the industry prone to fraud and other criminal activities.

    CoinEx New York
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleUS Court Approves SEC-BinanceUS Agreement to Unfreeze Assets
    Next Article Binance Sends Cease and Desist Order Against ‘Binance Nigeria Limited’
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    Circle Launches EURC on Stellar Network

    September 28, 2023

    Gemini Allocates $24 Million for Indian Expansion

    September 28, 2023

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.