United States of America: Reached settlement in New York AG investigation into Coin Cafe over misleading statements in regard to its services

On 18 May 2023, the Attorney General (AG) of New York issued announced that it reached a settlement in the investigation into Coin Cafe over misleading statements in regard to its services. The AG stated that Coin Cafe initially attracted investors with marketing strategies offering free wallet storage and accounts and started charging money for the service in September 2020 and has since changed its fee structure four times without informing its investors. The AG noted that some investors were charged fees that equalled 96% of the value of their capital. Under the reached settlement, Coin Cafe must provide refunds to anyone who requests them in the next year after notifying them and submit refund progress reports.