New York AG, CoinEx announce settlement

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New York AG, CoinEx announce settlement
New York AG, CoinEx announce settlement

CoinEx must refund nearly 5,000 New York investors a total of $1.2 million and pay more than $600,000 in penalties as part of the agreement

A settlement was announced on Thursday between New York Attorney General Letitia James and CoinEx (CRYPTO: CET), a Hong Kong-based virtual currency trading platform the state sued earlier this year for failing to register.

CoinEx must refund nearly 5,000 New York investors a total of $1.2 million and pay more than $600,000 in penalties as part of the agreement. The company is banned from offering securities and commodities in New York and from making its platform available in the state.

“Unregistered crypto platforms pose a risk to investors, consumers, and the broader economy,” James said in a statement. “Today’s agreement should serve as a warning to crypto companies that there are hefty consequences for ignoring New York’s laws. My office will continue to crack down on crypto companies that brazenly disregard the law, mislead investors, and put New Yorkers at risk.”

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