{"id":52255,"date":"2023-06-15T18:05:02","date_gmt":"2023-06-15T22:05:02","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=52255"},"modified":"2023-06-15T18:42:33","modified_gmt":"2023-06-15T22:42:33","slug":"new-york-prohibits-coinex-seizes-1-7m-worth-of-cryptocurrency","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/new-york-prohibits-coinex-seizes-1-7m-worth-of-cryptocurrency\/","title":{"rendered":"New York prohibits CoinEx, seizes $1.7M worth of cryptocurrency"},"content":{"rendered":"\n

Attorney General Letitia James has banned the Hong Kong-based cryptocurrency exchange CoinEx<\/a> from operating in New York. <\/p>\n\n\n\n

\"New
New York prohibits CoinEx, seizes $1.7M worth of cryptocurrency<\/figcaption><\/figure>\n\n\n\n

The exchange had its cash, totaling over $1.7 million, seized for allegedly not registering as a securities and commodities brokerage. CoinEx resolved a previous legal dispute that began in February when the state of New York<\/a> accused it of misrepresenting itself as an exchange and failing to register with local authorities.<\/p>\n\n\n\n

The ban prohibits CoinEx from providing, selling, or buying securities and commodities in New York. Additionally, it prevents the platform from being accessible to residents of the state.<\/p>\n\n\n\n

As part of the agreement, the authorities will return more than $1.1 million to 4,691 New York investors. They will also impose fines totaling over $600,000 on the state.<\/p>\n\n\n\n

\n

\ud83d\udea8There are serious consequences for ignoring New York laws.

As a result of our lawsuit, cryptocurrency platform @coinexcom\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> is banned from operating in New York and the rest of the country and will pay $1.7 million in penalties and refunds for impacted New Yorkers. https:\/\/t.co\/U3wkdfHu3o<\/use><\/svg><\/span><\/a><\/p>— NY AG James (@NewYorkStateAG) June 15, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

CoinEx required to implement geo-blocking and account restrictions<\/h2>\n\n\n\n

CoinEx is also required to implement geo-blocking to prevent access from New York IP addresses and is not allowed to open new accounts for clients in the United States. <\/p>\n\n\n\n

Attorney General James emphasized that cryptocurrency companies<\/a> should be aware of the severe consequences of violating New York's laws. These consequences include fraudulent practices and endangering investors.<\/p>\n\n\n\n

Over the next 90 days, CoinEx users will have the opportunity to retrieve their cryptocurrency funds from the exchange. After this period, eligible investors can request a refund in fiat currency by emailing coinexrefund@ag.ny.gov. <\/p>\n\n\n\n

The refund will cover the value of cryptocurrency or cash equivalents held in their accounts as of April 25, 2023, according to the statement. On February 22, Attorney General James<\/use><\/svg><\/span><\/a> filed a lawsuit against CoinEx in the New York Supreme Court. The lawsuit alleges repeated fraudulent practices and violation of the Martin Act, one of the strictest anti-fraud statutes in the country. <\/p>\n\n\n\n

The lawsuit listed several tokens, including Amp (AMP $0.00), LBRY Credits (LBC), Rally (RLY), and Terra (LUNA $0.58), as both commodities and securities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Attorney General Letitia James has banned the Hong Kong-based cryptocurrency exchange CoinEx from operating in New York. The exchange had its cash, totaling over $1.7 million, seized for allegedly not registering as a securities and commodities brokerage. CoinEx resolved a previous legal dispute that began in February when the state of New York accused it […]<\/p>\n","protected":false},"author":43,"featured_media":52257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[4727,1811],"class_list":["post-52255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-coinex","tag-new-york"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1686861943054.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=52255"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/52257"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=52255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=52255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=52255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}