"I'm sorry KuCoin, it must be stressful to be under pressure from the regulator."
KuCoin, a leading cryptocurrency exchange has agreed to a $22 million settlement with the New York Attorney General's office (NYAG) as part of a significant development in the digital asset regulatory landscape.
According to a lawsuit filed by the NYAG in March against Seychelles-based KuCoin, the crypto exchange has been operating without proper registration which is a requirement for platforms to facilitate the buying and selling of crypto.
The string, Kucoin which paid $22 million in settlement has announced its decision to cease operations on the New York market following the growing regulatory pressure.
The settlement was made after a series of actions taken by the NYAG's office against crypto exchanges accused of violating New York law, for example the Department of Justice (DOJ) announced large settlements with Binance and Changpeng Zhao (CZ).
However, KuCoin's Chief Executive Officer (CEO) Johnny Lyu assured that affected users, especially those based in New York, would be notified via email or text within the next 10 days about the development.
It is well known that the NYAG has actively pursued legal action following a lawsuit filed against Digital Currency Group (DCG), Gemini and Genesis in October 2023.
So here it can be seen that regulatory agencies are increasingly taking aggressive actions against crypto exchange operations, especially in relation to their compliance with existing financial laws and regulations.
