CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

New York State Attorney General files lawsuit against KuCoin | CPT PPP Coverage

 | cutline • press clip • news of the day |

Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE

200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |

View more Headlines & Breaking News here, as covered by cryptopolytech.com


New York State Attorney General files lawsuit against KuCoin appeared on coinjournal.net by Charles Thuo.

  • The NY state AG was able to buy and sell crypto on KuCoin.
  • KuCoin is however not registered in New York.
  • This is the AG’s eighth lawsuit against shadowy cryptocurrency platforms.

Letitia James, the New York state Attorney General, has announced that she has filed a lawsuit against KuCoin for issuing crypto services in New York without registration.

James says that she was able to buy and sell cryptocurrencies on the Seychelles-based cryptocurrency exchange despite the fact that it has not been registered in New York as a securities broker or dealer.

Violating securities law

In the suit filed on March 9 at the Supreme Court of the State of New York County, James also alleges that KuCoin violated securities law by selling and offering to sell and purchase and purchasing cryptocurrencies that are securities and commodities to New Yorkers without first seeking registration.

In addition, the lawsuit also alleges that KuCoin error by selling its KuCoin Earn product. The AG has labelled this product as a security that has not been registered.

There are also allegations that KuCoin misrepresented itself since it hasn’t registered itself as one to be allowed to function as one.

James cites Ethereum as security in the lawsuit

The New York AG’s suit also states that under the state and federal authority, LUNA, UST and ETH are categorized as commodities under the state’s Martin Act and that KuCoin filed to register as a commodities broker.

It is the first time the AG has referred to Ethereum’s Ether (ETH) as a security although there have been similar allegations by people in other regulatory authorities in the US.

KuCoin’s native token KCS drops 5.7%

The price of KCS, the native token of KuCoin, has plunged 5.78% partly buoyed by the recent developments.

KuCoin is ranked the fifth largest cryptocurrency exchange if found guilty could be liable to a fine as was the case with Kraken, one of the leading US-based cryptocurrency exchanges, which was fined by the Commodity Futures Trading Commission (CFTC) for offering unregulated crypto investment products.



FEATURED ‘News of the Day’, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or [NEWSer CHEWSer].
View ALL Headlines & Breaking News here.

Source Information (if available)

This article originally appeared on coinjournal.net by Charles Thuo – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like New York State Attorney General files lawsuit against KuCoin

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like