New York is suing Ku Coin

 

New York plans to sue KuCoin for not registering the company before it allowed users to trade cryptocurrency.   The announcement was made by the state attorney general's office. Attorney General Letitia James stated that KuCoin violated the state's Martin Act. The law has been in effect for more than 100 years and aims to protect consumers from fraud. Through the Martin Act, the attorney general has the authority to investigate financial actors. Organizations such as Merrill Lynch have been previously investigated using this law. KuCoin has nearly 30 million members. The company is headquartered in Seychelles.