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Lesetja Kganyago spoke at WEF 2023 in Davos, Switzerland. The SARB governor suggested a national discussion before establishing CBDCs. Crypto barely fits two of three currency standards, he said. (Read More)
Letitia James advocates banning bitcoin in 401(k)s and IRAs. Half of U.S. investors want crypto in 401(k)s. The NYAG distinguished digital assets from blockchain technology. (Read More)
According to a Bloomberg report, the DOJ has reopened a probe into Tether to see if it violated US banking laws (Read More)
New York Attorney General, Letitia James to issue a new guidance on the risks inherent in the crypto industry (Read More)
The Office of the New York Attorney General (NYAG) has directed two unnamed crypto lending firms to halt their operations in the state, indicating these firms are involving ineffective registration. (Read More)
New York Attorney General Letitia James ends operations for Coinseed following complaints that client funds had been converted to DOGE without their knowledge.
The New York attorney general has reportedly won its case against cryptocurrency investment platform, Coinseed, regarding illegal operations and violation of the state’s Martin Act. Following the New York State Supreme Court’s judgment, the crypto platform has been ordered to halt its operations and pay about $3 million in relief for the affected users. Coinseed […]
Digital Currency Group, or DCG, has alleged unfair play in the recent settlement case between its subsidiary Genesis and the New York Attorney General [NYAG]. According to the recent filing, DCG contended that Genesis has violated U.S. bankruptcy law “by taking value from the underclass and redistributing it to senior creditors under the garb of […]
After settling with the U.S. Securities and Exchange Commission (SEC), Genesis Global has reportedly reached an agreement to settle with the Office of the New York Attorney General. The official had accused the company, along with its parent company Digital Currency Group and Gemini, regarding fraudulent schemes associated with its lending platform. Genesis and NYAG [...]
The post Court Filing Shows Genesis Settled With NYAG, Aims to End Crypto Lending Platform Dispute appeared first on Crypto Breaking News.
John E. Deaton, an attorney, and XRP advocate claimed on Twitter that regulators have shifted their strategy and are now targeting Ethereum. To justify his claims, Deaton cited the NYAG/KuCoin lawsuit where the former had accused the exchange of selling ETH as unregistered securities. The founder of the CryptoLaw firm noted that NYAG’s decision to […]
Cryptocurrency trading platform, CoinEX, is set to halt its operations in New York after agreeing to pay $1.7 million in settlement to the Office of the New York Attorney General (NYAG). The Hong Kong-based exchange has also been ordered to refund investors.
CoinEX has been accused by New York's Attorney General Letitia James of failing to register as a securities and commodities broker-dealer and for allegedly misrepresenting itself as a crypto exchange. NYAG first sued the exchange in February.
CoinEX to Refund $1.1M to Investors
Giving a breakdown of the settlement, NYAG said CoinEX is to set aside $1.1 million from the agreed amount to refund thousands of investors, with $600,000 in penalty payment going to New York. The state prosecutor's office added that CoinEX agreed to pay the refunds within three months for the amounts held as of April 25. James described the settlement as a warning to other crypto companies.
"Unregistered crypto platforms pose risks to investors, consumers, and the broader economy," the New York chief prosecutor said, adding that "today's agreement should serve as a warning to crypto companies that there are hefty consequences for ignoring New York's laws."
According to James, CoinEx flaunted The Martin Act, a law established in 1921 and considered one of the most rigorous anti-fraud regulations in the US. The law makes it illegal to sell or purchase securities and commodities without registration.
Furthermore, CoinEX has been banned from creating new accounts for US customers, but existing customers can withdraw their crypto from the platform. The exchange must also implement geo-blocking to prevent new New York IP addresses from accessing its web and app trading platforms.
New York Laws for Crypto
CoinEX is not the only exchange facing enforcement action from state prosecutors in New York. Attorney General James secured $4.3 million in May from Coin Cafe, a cryptocurrency company based in Brooklyn. Similarly, in March, the authority filed similar charges against KuCoin.
In total, the NYAG has recovered $500 million from the cryptocurrency industry amid efforts to increase oversight and regulations in the sector, the authority said in the statement. The Attorney General also expressed the intention to propose to state legislators a bill for the regulation of digital assets.
This article was written by Jared Kirui at www.financemagnates.com.
According to a press release issued on June 15 by the Office of the New York State Attorney General, the cryptocurrency exchange Coinex has reached a settlement with Letitia James, the chief law enforcement officer. The attorney general stated that Coinex will pay $1.7 million in penalties and refunds and is barred from operating its [...]
The post Coinex Settles With NY Attorney General, Pays $1.7M in Penalties; Announces Exit from US Market appeared first on Crypto Breaking News.
CoinEx, the Hong Kong-based crypto exchange, has been banned from operating in New York by Attorney General Letitia James. NYAG
New York State Attorney General Letitia James has proposed “landmark” crypto legislation that claims to be “the strongest and most comprehensive set of regulations on cryptocurrency” in the United States. “Rampant fraud and dysfunction have become the hallmarks of cryptocurrency and it is time to bring law and order to the multi-billion-dollar industry,” said Attorney [...]
The post ‘Landmark’ Crypto Law Proposed in New York to Establish ‘Strongest and Most Comprehensive’ Crypto Regulations in US appeared first on Crypto Breaking News.
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