New York Attorney General Letitia James has sued CoinEx for failing to register with the state, according to a press release from the office on Feb. 22.
The Attorney General’s office said it could buy and sell cryptocurrency on CoinEx in New York — despite the fact that the platform was not registered in-state.
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It also alleged that CoinEx falsely claimed to be an exchange. Though CoinEx provides cryptocurrency trading services, it has not registered as a national securities exchange with the U.S. Securities and Exchange Commission (SEC) nor gained the relevant designation from the Commodity Futures Trading Commission (CFTC).
The office additionally said that after it issued a subpoena to determine more information about CoinEx’s activities in New York, the company did not comply.
The Attorney General’s lawsuit aims to have CoinEx stop providing services in New York by geoblocking potential users through IP addresses and GPS technology. It also seeks to have the company no longer misrepresent its status as an exchange.
CoinEx is a moderately large cryptocurrency exchange. It experienced approximately $35 million in trading volume over the past 24 hours.
The company’s CoinEx Token (CET) has been minimally affected. At the time of writing, CET was up 0.3% over the past hour. Bitcoin was up 1.4% in the same time frame.
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