"Haih KuCoin also has to be sued, I guess who is after this?'
The New York Office of the Attorney General (NYAG) filed a lawsuit against Seychelles-based cryptocurrency exchange KuCoin for conducting business in New York without being registered as a securities and commodities broker-dealer.
The lawsuit against KuCoin further alleges that the company's lending and staking product known as KuCoin Earn also offers unregistered security.
Following that, Attorney General James intends to prevent KuCoin from doing business in New York and block access to the company's website until it complies with the law.
It is well known that various crypto exchange companies have recently been subjected to aggressive regulatory actions, among them Kraken, Coinbase, CoinEx and Binance have been targeted by the United States (US) authorities.
This is because crypto exchange companies that inadvertently ignore the law and put investors at risk have been the cause of the US authorities taking steps to prevent it.
However, KuCoin was previously sued by Korean regulatory authorities in 2022 for engaging in illegal business activities without proper registration while the Dutch Central Bank accused the company of operating without a valid license.
Due to the following issues, the price of KuCoin (KCS) plunged by 4.16% at $8.11 in the last 24 hours with a market capitalization of $797 million.
