The New York prosecutor’s office sued CoinEx back in February of this year for lack of registration, and a little later the site stopped serving customers from the U.S.. However, the authorities of New York are not satisfied with the termination of service to users and now the prosecutor’s office has issued a complete ban on the operation of the exchange in the state.
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“As part of today’s order, the CoinEx site is prohibited from offering, selling or buying securities and commodities in New York State or making them available to users in the state,” the document said.
Of the $1.7 million confiscated by authorities, most of it – $1.1 million – will be returned to 4,691 investors. They have 90 days to do this, during which they must submit an application to the prosecutor’s office. Funds will be paid according to account balances as of April 25. The remaining $600,000 will go to state coffers as fines.
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“Today’s order should be a warning to cryptocurrency companies that ignoring New York’s laws will have severe consequences. The prosecutor’s office will continue to pursue cryptocurrencies that brazenly ignore the law, mislead investors and put New Yorkers at risk,” stressed Letitia James.
Earlier, the New York prosecutor’s office also sued the KuCoin exchange.