Seychelles-based KuCoin cryptocurrency "exchange" banned in New York, fined $22m

<p>KuCoin has been forced to block customers in New York and pay a $22 million fine.</p><p>The NY Attorney General took action against the firm for failing to register with the state before letting investors buy and sell cryptocurrencies on its platform. </p><ul><li>"Crypto companies should understand that they must play by the same rules as other financial institutions" </li></ul><p>The NY AG has previously taken action against crypto firms such as:</p><ul><li> Genesis Global, its parent company Digitial Currency Group and Gemini </li><li>Hong Kong-based cryptocurrency exchange CoinEx </li></ul><p>—</p><p>Please note that a cryptocurrency "exchange" is a website.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.