United States of America: Announced consent order against CoinEx for failing to register in the State of New York

On 15 June 2023, the New York Attorney General announced that the consent order settling charges against CoinEx for failing to register as a securities and commodities broker-dealer and falsely representing itself as a crypto exchange was approved by the court. In particular, the Office of the New York Attorney General found that CoinEx had enabled users to trade cryptocurrencies in the state without being registered with the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), as is required by New York law. The New York Attorney General ordered CoinEx to refund USD 1.1 million to New York Investors and to pay USD 600'000 penalties to the state. Also, CoinEx is banned from offering, selling or purchasing securities or commodities in New York and prohibited from making its platform available in New York. CoinEx has to implement geo-blocking based on IP addresses and GPS location to prevent access to its services from New York.