Feb 23, 2023
NY AG James Sues CoinEx for Falsely Representing as Exchange
New York Attorney General Letitia James has filed a 38-page petition in the New York Supreme Court against cryptocurrency exchange CoinEx, alleging the firm falsely represented itself as an exchange due to failing to register as a securities and commodities broker-dealer in the state.
The petition claims CoinEx has engaged in repeated and persistent fraudulent practices and violated the state’s Martin Act, considered one of the most strict anti-fraud and securities regulation laws in the United States. It further alleges the exchange listed various tokens that qualified as “both commodities and securities” including Amp (AMP), LBRY Credits (LBC), Rally (RLY) and Terra (LUNA).
In a statement, James said CoinEx is not registered with the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) “as is required under New York law” to sell the tokens. She added: “The days of crypto companies like CoinEx acting like the rules do not apply to them are over.”
The Attorney General’s Office created a CoinEx account with a New York-based computer and internet address and alleged it was able to trade on the platform. Additionally, the petition states that CoinEx failed to comply with a Dec. 22, 2022 subpoena sent by the Attorney General’s Office in order to “provide testimony concerning the virtual asset trading activities of its platform.”
James is seeking a court order to stop CoinEx from marketing itself as an exchange, prevent it from operating in the state and will order the exchange to geo-block internet addresses and GPS location data originating from New York.
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CoinEx is a crypto exchange that has been providing services to the web3 space for some time, and is now facing legal action from the New York Attorney General for failing to register as a securities and commodities broker-dealer. This is a reminder of the importance of following the rules and regulations in the web3 space, and the need for crypto exchanges to ensure they are compliant with the law.
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CoinEx is a reminder of the importance of following the rules and regulations in the web3 space, and the need for crypto exchanges to ensure they are compliant with the law. It is also a reminder of the importance of effective NFT marketing and promotion. A good NFT marketing agency can help you create a comprehensive marketing strategy that will help you reach the right audiences and ensure that your NFTs are seen by the right people.
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