Tim ny ag ftc necbirnbaumprotocol1/17/2024 ![]() currency from OAG by emailing Each investor will be refunded the amount of cryptocurrency or the cash equivalent of the cryptocurrency they held in their accounts as of April 25, 2023. After 90 days, eligible investors can receive their refund as U.S. Investors can receive their refund in the form of cryptocurrency directly from CoinEx over the next 90 days. Today’s agreement requires CoinEx to provide full refunds totaling $1,172,971.50 to 4,691 New York investors. An investigator from the Office of the Attorney General (OAG) was able to create an account with CoinEx using a computer with a New York-based IP address to buy and sell digital tokens although CoinEx was not registered with the state. New York law requires securities and commodities brokers to register with the state, which CoinEx failed to do. My office will continue to crack down on crypto companies that brazenly disregard the law, mislead investors, and put New Yorkers at risk.”ĬoinEx is a Hong Kong-based virtual currency trading platform that allows investors to buy and sell cryptocurrency through its website and mobile app. “Today’s agreement should serve as a warning to crypto companies that there are hefty consequences for ignoring New York’s laws. “Unregistered crypto platforms pose a risk to investors, consumers, and the broader economy,” said Attorney General James. In response to Attorney General James’ lawsuit, CoinEx publicly announced that it would withdraw its platform and services from the United States. Attorney General James has worked to increase oversight and regulation of cryptocurrency companies to protect New York investors, and has recovered more than $500 million from the cryptocurrency industry. As part of today’s consent order, CoinEx is banned from offering, selling, or purchasing securities and commodities in New York and is prohibited from making its platform available in the state. Today’s agreement resolves Attorney General James’ lawsuit against CoinEx and requires the company to refund thousands of New York investors more than $1.1 million and pay more than $600,000 in penalties to the state. NEW YORK – New York Attorney General Letitia James today recovered more than $1.7 million from COINEX (CoinEx) for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange. ![]() AG James Has Recovered More Than $500 Millionįrom Crypto Industry for Violating New York Laws ![]()
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