New York Attorney General Sues CoinEx over Unregistered Cryptocurrency Exchange
It is reported that Letitia James, the Attorney General of New York, is suing CoinEx, the cryptocurrency exchange, saying that it is not registered in the stat…
It is reported that Letitia James, the Attorney General of New York, is suing CoinEx, the cryptocurrency exchange, saying that it is not registered in the state.
The Attorney General of New York sued CoinEx on the registration issue
Interpret the above information:
Letitia James, the Attorney General of New York, has filed a lawsuit against CoinEx, a cryptocurrency exchange, claiming that it has been operating in the state without registering with the proper authorities. This latest move by the state’s AG is part of a broader effort to regulate the rapidly growing cryptocurrency industry.
The lawsuit, which was filed in Manhattan on Tuesday, alleges that CoinEx has been illegally operating an unregistered cryptocurrency exchange in New York. According to the complaint, CoinEx has been allowing New York residents to trade cryptocurrencies on its platform without obtaining the required license from the New York State Department of Financial Services (NYDFS).
In a statement, James said, “CoinEx has shown reckless disregard for New York’s virtual currency laws, which are designed to protect investors and prevent money laundering. We will not allow anyone to violate these laws and get away with it.”
The lawsuit seeks to bar CoinEx from operating in New York until it obtains the necessary license from the NYDFS, as well as monetary damages and penalties for its alleged violations.
CoinEx, which is based in Hong Kong, has not yet responded to the lawsuit. However, the company has stated on its website that it does not offer services to residents of certain jurisdictions, including New York.
This lawsuit is just the latest example of the state of New York cracking down on cryptocurrency companies that it sees as operating outside of the law. In recent years, the NYDFS has established regulatory frameworks for companies that deal in virtual currencies, and has taken action against numerous companies that it has deemed to be operating illegally.
Overall, this move by the New York AG reinforces the fact that the cryptocurrency industry is still evolving and subject to increasing governmental scrutiny. It also shows that cryptocurrency companies that want to operate in New York need to abide by the state’s virtual currency laws or face legal repercussions.
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