{"id":18545,"date":"2023-03-10T09:04:19","date_gmt":"2023-03-10T09:04:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/new-york-state-attorney-general-files-a-lawsuit-kucoin\/"},"modified":"2023-03-10T09:04:19","modified_gmt":"2023-03-10T09:04:19","slug":"new-york-state-attorney-general-files-a-lawsuit-kucoin","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/new-york-state-attorney-general-files-a-lawsuit-kucoin\/","title":{"rendered":"New York State Attorney General files a lawsuit KuCoin"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1678433756429-0dde6183-c96f-44b8-a82e-779a2d3930ca-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1678433756429-0dde6183-c96f-44b8-a82e-779a2d3930ca-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1678433756429-0dde6183-c96f-44b8-a82e-779a2d3930ca-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1678433756429-0dde6183-c96f-44b8-a82e-779a2d3930ca-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>The NY state AG was able to buy and sell crypto on KuCoin.<\/li>\n<li>KuCoin is however not registered in New York.<\/li>\n<li>This is the AG\u2019s eighth lawsuit against shadowy cryptocurrency platforms.<\/li>\n<\/ul>\n<p>Letitia James, the New York state Attorney General, has announced that she has filed a lawsuit against <a href=\"https:\/\/coinjournal.net\/exchanges\/kucoin\/\">KuCoin<\/a> for issuing crypto services in New York without registration.<\/p>\n<p>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.<\/p>\n<h2>Violating securities law<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>There are also allegations that KuCoin misrepresented itself since it hasn\u2019t registered itself as one to be allowed to function as one.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I&#8217;m suing cryptocurrency platform <a href=\"https:\/\/twitter.com\/kucoincom?ref_src=twsrc%5Etfw\">@kucoincom<\/a> for illegally operating in New York without registering with the state.<\/p>\n<p>This is our eighth action to rein in shadowy cryptocurrency platforms that disregard our laws and put New Yorkers at risk.<\/p>\n<p>\u2014 NY AG James (@NewYorkStateAG) <a href=\"https:\/\/twitter.com\/NewYorkStateAG\/status\/1633944679879172097?ref_src=twsrc%5Etfw\">March 9, 2023<\/a><\/p>\n<\/blockquote>\n<h2>James cites Ethereum as security in the lawsuit<\/h2>\n<p>The New York AG\u2019s suit also states that under the state and federal authority, LUNA, UST and ETH are categorized as commodities under the state\u2019s Martin Act and that KuCoin filed to register as a commodities broker.<\/p>\n<p>It is the first time the AG has referred to Ethereum\u2019s Ether (ETH) as a security although there have been similar allegations by people in other regulatory authorities in the US.<\/p>\n<h2>KuCoin\u2019s native token KCS drops 5.7%<\/h2>\n<p>The price of KCS, the native token of KuCoin, has plunged 5.78% partly buoyed by the recent developments.<\/p>\n<p>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 <a href=\"https:\/\/coinjournal.net\/news\/cftc-hits-kraken-with-1-25m-fine-over-illegal-crypto-products\/\">was fined by the Commodity Futures Trading Commission (CFTC)<\/a> for offering unregulated crypto investment products.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/new-york-state-attorney-general-files-a-lawsuit-kucoin\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) 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\u2019s eighth lawsuit against shadowy cryptocurrency platforms. Letitia James, the New York state Attorney General, has announced that she [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":18546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18545"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18545"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18545\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/18546"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}