Crypto Exchange Kucoin to Shut in New York, Pay $22 Million to Settle Lawsuit

The biggest bitcoin exchanges in the world have decided to blacklist New York

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The platform's failure to register with the government before opening up trading and buying of bitcoins for users

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Crypto businesses must realize that they have to follow the same regulations as traditional financial institutions," James stated

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Besides paying the state $5.3 million, KuCoin is returning $16.7 million in bitcoin to 177,800 investors in New York as part of its $22 million payout

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Among cryptocurrency spot exchanges, KuCoin lags behind Binance, Coinbase, and Kraken

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