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New York Attorney General Letitia James sued CoinEx for failing to register with the state, according to a Feb. 22 press release from the office.
Office of the Attorney General Said I was able to buy and sell cryptocurrencies on CoinEx in New York even though the platform was not registered in the state.
It also claimed that CoinEx falsely claimed to be an exchange. Although CoinEx provides cryptocurrency trading services, it is not registered with the U.S. Securities and Exchange Commission (SEC) as a domestic stock exchange and has not received any relevant designation from the Commodity Futures Trading Commission (CFTC). .
The agency also said that after issuing a subpoena to ascertain more information about CoinEx’s activities in New York, the company did not comply.
The Attorney General’s lawsuit seeks to force CoinEx to cease offering services in New York by geo-blocking potential users via IP addresses and GPS technology. We also ask that you refrain from misrepresenting your status.
CoinEx is a moderately large cryptocurrency exchange. The trading volume in the last 24 hours was around $35 million.
The impact on the company’s CoinEx Token (CET) is minimal. At the time of writing, CET is up 0.3% over the past hour. Bitcoin rose 1.4% over the same timeframe.
The CoinEx post sued by the New York Attorney General first appeared on CryptoSlate.
