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KuCoin to Shutter Services in New York After $22 Million Settlement Package

The KuCoin crypto exchange is set to shutter its operations in the ‘Big Apple’ following an agreement with the Supreme Court of the State of New York County. Besides restricting access to its platform for New York residents, KuCoin has agreed to pay a $5.3 million fine to the Attorney General’s Office of the county to settle charges brought against it. As part of the settlement, New York residents who have engaged in digital asset transactions and held funds on the platform will receive a refund totaling $16.77 million, putting the total settlement package at $22.07 million. KuCoin is now required to close all customer accounts and return the funds within a 120-day period.

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