KuCoin Banned In New York As Part Of $22M Settlement For Illegal Crypto Transactions
Portfolio Pulse from Murtuza Merchant
KuCoin, a Seychelles-based crypto exchange, has been banned from operating in New York following a $22 million settlement with the state's Attorney General for illegal crypto transactions. The settlement requires KuCoin to refund over $16.7 million to New York investors and pay $5.3 million to the state. KuCoin is now prohibited from trading securities and commodities in New York and from allowing New Yorkers to access its platform. The company must also cooperate with U.S. law enforcement.
December 12, 2023 | 7:44 pm
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NEGATIVE IMPACT
Ether (ETH) is mentioned as one of the cryptocurrencies traded on KuCoin. The ban of KuCoin in New York may reduce the trading volume of ETH among New York investors.
The ban of KuCoin in New York may lead to a decrease in trading volume for Ether (ETH) among New York-based investors, potentially causing a short-term negative impact on its price.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
LUNA is mentioned as one of the cryptocurrencies traded on KuCoin. The ban in New York could lead to a decrease in trading activity for LUNA among New York investors.
Since KuCoin is banned in New York and LUNA is traded on KuCoin, there could be a short-term negative impact on LUNA's trading volume and possibly its price due to reduced access for New York investors.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
TerraClassicUSD (USTC) is mentioned as one of the cryptocurrencies traded on KuCoin. The New York ban may negatively affect USTC's trading volume in the state.
The prohibition of KuCoin's operations in New York is likely to lead to a decrease in trading volume for TerraClassicUSD (USTC) among New York investors, which could have a short-term negative impact on its price.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50