By Dean SealThe attorney general of New York has ordered cryptocurrency trading platform KuCoin to pay more than $22 million in refunds and fines to resolve claims that it operated without proper registration. Letitia James said Tuesday that KuCoin has agreed to settle her office's March litigation, which alleged that the platform failed to register as a securities and commodities broker in New York, and also operated without being registered with federal regulators as a national securities exchange. As part of the settlement, KuCoin will refund more than 150,000 New York investors about $16.7 million and pay a $5.3 million penalty to the state. KuCoin has also been banned from trading securities and commodities in New York and making its platform available to New Yorkers. Write to Dean Seal at dean.seal@wsj.com

Source: Wall Street Journal December 12, 2023 21:55 UTC