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Kucoin Agrees to Ban New York Residents, Pay $22 Million in Settlement

New York Kucoin users will lose the ability to trade within 30 days and their accounts will be closed within 120 days.

Cryptocurrency exchange Kucoin has agreed to pay $22 million to the state of New York and ban state residents from using its platform, according to a stipulation and consent order filed with the New York Supreme Court on Dec. 12.

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Kucoin has agreed to terminate the accounts of all users residing in New York within 120 days and prevent New York residents from obtaining accounts in the future. Additionally, it will restrict access to withdrawals within 30 days only, leaving the remaining 90 days available for users to withdraw funds.

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