{"id":171415,"date":"2023-02-23T05:25:55","date_gmt":"2023-02-23T05:25:55","guid":{"rendered":"https:\/\/precoinnews.com\/?p=171415"},"modified":"2023-02-23T05:25:55","modified_gmt":"2023-02-23T05:25:55","slug":"coinex-crypto-exchange-sued-by-new-york-for-failing-to-register-with-state","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/coinex-crypto-exchange-sued-by-new-york-for-failing-to-register-with-state\/","title":{"rendered":"CoinEx crypto exchange sued by New York for failing to register with state"},"content":{"rendered":"

Cryptocurrency exchange CoinEx has been sued by the New York Attorney General, Letitia James, alleging the firm falsely represented itself as an exchange due to failing to register as a securities and commodities broker-dealer in the state.<\/p>\n

A 38-page petition filed by James in the New York Supreme Court on Feb. 22 alleged CoinEx \u201cengaged in repeated and persistent fraudulent practices\u201d and violated the state\u2019s Martin Act \u2014 considered one of the most strict anti-fraud and securities regulation laws in the United States.<\/p>\n

She also asserted CoinEx listed various tokens that qualified as \u201cboth commodities and securities\u201d naming Amp (AMP), LBRY Credits (LBC), Rally (RLY) and Terra (LUNA).<\/p>\n

In a Feb. 22 statement, James said CoinEx is not registered with the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) \u201cas is required under New York law\u201d to sell the tokens.<\/p>\n

The Attorney General\u2019s Office created a CoinEx account with a New York-based computer and internet address and alleged it was able to trade on the platform.<\/p>\n

\u201cThe days of crypto companies like CoinEx acting like the rules do not apply to them are over,\u201d she added.<\/p>\n

Related: <\/em><\/strong>Rep. Maxine Waters says all US regulators ‘better get together on crypto’<\/em><\/strong><\/p>\n

The petition also states that CoinEx failed to comply with a Dec. 22, 2022 subpoena sent by the Attorney General\u2019s Office in order to \u201cprovide testimony concerning the virtual asset trading activities of its platform.\u201d<\/p>\n

\u201cCoinEx was compelled by subpoena to appear for an examination under oath on January 9, 2023, and failed to appear […] CoinEx\u2019s non-appearance is prima facie proof that CoinEx has engaged in the [mentioned] fraudulent practices.\u201d<\/p><\/blockquote>\n

In the petition, James is seeking a court order to stop CoinEx from marketing itself as an exchange, prevent it from operating in the state and will order the exchange to geo-block internet addresses and GPS location data originating from New York.<\/p>\n

Cointelegraph contacted CoinEx for comment but did not receive an immediate response.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency exchange CoinEx has been sued by<\/p>\n","protected":false},"author":3,"featured_media":171414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nCoinEx crypto exchange sued by New York for failing to register with state - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/coinex-crypto-exchange-sued-by-new-york-for-failing-to-register-with-state\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CoinEx crypto exchange sued by New York for failing to register with state - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Cryptocurrency exchange CoinEx has been sued by\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/coinex-crypto-exchange-sued-by-new-york-for-failing-to-register-with-state\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-23T05:25:55+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/02\/CoinEx-crypto-exchange-sued-by-New-York-for-failing-to-register-with-state.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/coinex-crypto-exchange-sued-by-new-york-for-failing-to-register-with-state\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/coinex-crypto-exchange-sued-by-new-york-for-failing-to-register-with-state\/\",\"name\":\"CoinEx crypto exchange sued by New York for failing to register with state - 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