CoinEx is being sued over the claims of failing to register with the state. The Attorney General’s office said that CoinEx was not registered in the state, and despite that, it could still buy and sell cryptocurrencies.
Other allegations made were that CoinEx falsely presented itself as an exchange. CoinEx was not registered as a national securities exchange with the U.S. Securities and Exchange Commission (SEC) and did not obtain any classification from the Commodity Futures Trading Commission (CFTC), but despite that, the trading services of CoinEx were still provided to the public.
When the office issued a subpoena to obtain more details about CoinEx’s activities in the state of New York, the company did not comply.
The lawsuit from the Attorney General aims to end the company’s misrepresentation as an exchange, as well as to restrict the function of CoinEx services in New York by blocking access to users, with the use of GPS technologies and IP addresses.
CoinEx is being a relatively large digital assets exchange with an approximate trading volume of 35 million USD over the past 24h. CoinEx Token (CET), the company’s token, has not been affected as much by the lawsuit, with its price being relatively stable.
