Prosecutor Letitia James clarified that the crypto exchange agreed to pay the fine to the treasury on a voluntary basis. KuCoin is accused of violating securities laws, failing to register as a securities and commodities broker-dealer, and falsely declaring its status as a domestically regulated cryptocurrency marketplace.
KuCoin must return more than $16.7 million to 177,000 New York investors and pay a fine of more than $5.3 million to the government. In addition, KuCoin is prohibited from offering residents of the state any investment instruments, as well as services as a cryptocurrency trading platform.
Earlier it became known that the former chief revenue officer of Celsius, Roni Cohen-Pavon, admitted his guilt and entered into an agreement with investigators in the United States. According to the prosecutor’s office for the Southern District of New York, he agreed to testify in court against the founder of the Celsius crypto platform, Alex Mashinsky.
Source: Bits
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