Breaking: Crypto Exchange CoinEx Sued In New York Over Financial Violation

Crypto News Today: Scrutiny against crypto players in the United States continues in the wake of the U.S. Securities and Exchange Commission’s (SEC) crackdown on crypto companies. In a latest, a New York Attorney filed a complaint against a crypto exchange around regulatory compliance. After the FTX collapse in November 2022, global regulatory bodies ramped up efforts to streamline the crypto market in terms of guidelines. Despite all the crackdown, the US regulators have been accused of only enforcing rules without any clarity on the law around cryptocurrencies.

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CoinEx Sued In New York

According to a Reuters report, New York Attorney General Letitia James sued crypto exchange CoinEx over violation of local laws. The attorney cited the exchange’s violation of the Martin Act, a New York anti-fraud law that empowers the Attorney General to take action against fraudulent players. The report said the accusations were in connection with CoinEx not registering with the state.

The complaint was filed with a New York state court in Manhattan on Wednesday, around violation of the Martin Act. Founded in December 2017, CoinEx claims to have a 30 day transaction value of $13.66 billion.

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On February 23, 2023, a New York regulatory body ordered Paxos to stop creating Binance USD (BUSD), calling the stablecoin an unregistered security.