Altcoins Talks - Cryptocurrency Forum

Further Discussions => Legality & Taxation of Cryptos => Topic started by: sirty143 on December 13, 2023, 07:49:54 AM

Title: New York AG Secures $22 Million Settlement From Kucoin for Unregistered Trading
Post by: sirty143 on December 13, 2023, 07:49:54 AM
New York AG Secures $22 Million Settlement From Kucoin for Unregistered Trading Activities

(https://i.imgur.com/uEFWBOcm.jpg)

In a recent legal development, New York Attorney General Letitia James has successfully obtained over $22 million from Kucoin, a well known crypto trading platform. This settlement arises from Kucoin’s alleged failure... See more for yourself here (https://news.bitcoin.com/new-york-ag-secures-22-million-settlement-from-kucoin-for-unregistered-trading-activities/).

Your opinion is greatly appreciated.
Title: Re: New York AG Secures $22 Million Settlement From Kucoin for Unregistered Trading
Post by: Tribalchief on December 21, 2023, 09:07:39 PM
In the crypto space, we don't support the heavy punishment that affects exchanges and trading platforms, at same time we don't support any one that go against the rules of the government. Aside being a reputable trading platform, it is the law of every business to be registered under the neccesary body governed by the government.

I think Kucoin placed themselve in this position. The law is the law. I guess this charges was quit easy, due to the fact that it involves cryptocurrency.
Title: Re: New York AG Secures $22 Million Settlement From Kucoin for Unregistered Trading
Post by: joniboini on December 25, 2023, 11:17:56 AM
Quote from: Tribalchief on December 21, 2023, 09:07:39 PM
I think Kucoin placed themselve in this position. The law is the law. I guess this charges was quit easy, due to the fact that it involves cryptocurrency.
But the law is never clear, afaik. Even exchanges like Kraken or Bittrex are facing some problems related to the so-called registration. SEC has yet to clear it up too. Businesses will risk themselves regardless of what they do until the government publishes a clear rule about it, which probably won't happen anytime soon. Those who use crypto because it promises freedom and stuff like that should never rely on an exchange or other third-party services anyway.