KuCoin Settles $22M Lawsuit, Exits New York Crypto Market

KuCoin, a crypto exchange based in Seychelles, has agreed to pay over $22 million to settle a lawsuit with the New York Attorney General (NYAG) over the illegal sale of securities and commodities. As part of the settlement, KuCoin will cease all operations in New York and pay refunds to New York-based users. While KuCoin admitted to operating a crypto exchange where users can buy or sell securities or commodities, it did not specifically acknowledge Ethereum as a security, which was the NYAG's initial aim. This settlement highlights the need for crypto companies to comply with regulations, and it follows New York's history of having strict crypto policies.