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Coin Cafe to Pay $4.3 Million Restitution to Defrauded Investors: NYAG

Brooklyn-based crypto firm Coin Cafe has been ordered by the office of the Attorney General to refund over $4 million to cryptocurrency investors. Coin Cafe, which recently received approval for a virtual currency license from the New York State Department of Financial Services (DFS) in January 2023, also known as BitLicense, claimed to offer free storage services for investors but started charging fees for crypto storage in September 2020 without informing customers. Part of the agreement will see the firm pay back $4.3 million to all affected investors, which includes $508,000 to over 340 New York users.

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