KuCoin Exits New York With $22 million Settlement

KuCoin has reached a settlement of $22 million in a lawsuit with the state of New York

According to the agreement, KuCoin will cease trading activities in New York and refund $16.7 million to approximately 177,800 New York investor

Additionally, the exchange will pay a $5.3 million fine

This settlement stems from allegations that KuCoin falsely portrayed itself as a cryptocurrency exchange without registering as a securities and commodities broker-dealer