KuCoin increases its presence in the ETF market and adds six new trading pairs.
KuCoin, one of the largest cryptocurrency exchanges in the world, introduced six new trading combinations and expanded its ETF market on Monday. However, the courtroom drama surrounding the exchange has garnered more attention this year.
In violation of the Martin Act, New York’s attorney general filed a lawsuit against KuCoin on March 9 for allowing investors to trade cryptocurrencies on its platform without registering with the state. A statute that prohibits the purchase, sale, and offer of securities and commodities through deception or misrepresentation.
Due to the ongoing dread, ambiguity, and doubt (FUD), prospective customers of KuCoin should exercise caution.
According to the Attorney General’s Office (AOG), KuCoin misrepresented itself as an exchange and neglected to register as a securities and commodities broker-dealer. A crucial component of the argument is the definition of ETH as security. This is one of the first instances in which a regulator has taken such action.
The lawsuit seeks a permanent injunction prohibiting KuCoin from conducting business in New York until it complies with the law. The AOG is requesting that KuCoin employ geo-blocking based on IP addresses and GPS location to prevent access to its services within the jurisdiction.
For KCS, KuCoin’s native token, holders, 2023 has thus far been a prosperous year. Similar to the rest of the crypto market, KCS has exhibited a general upward trend. When the New York Attorney General announced her lawsuit on March 9, there was a notable decline.
However, the previous year has been a difficult one for KuCoin. The exchange was plagued by multiple rumors of insolvency following the first crypto market collapse of 2022 in May. In an interview with BeInCrypto, the company’s head of business development, Mete Ulmet Elmas, confirmed the rumor.
Also Read: Calgary Police And Chainalysis Establish A Cryptocurrency Investigation Centre
Wallets