KuCoin Settles Lawsuit, Pays $22M, Exits New York

KuCoin, one of the world's largest cryptocurrency exchanges, has agreed to block New York users from its platform and pay $22 million to settle a lawsuit brought by the state. The lawsuit accused KuCoin of failing to register with the state before allowing investors to buy and sell cryptocurrencies on its platform. The settlement also requires KuCoin to stop trading securities and commodities in New York. This comes as U.S. regulators and law enforcement agencies increase their crackdown on fraud, money laundering, and inadequate investor protections in the cryptocurrency space. The $22 million payment includes a $5.3 million payment to the state and the refunding of $16.7 million worth of cryptocurrency to New York investors.