Why was COINEX banned in New York?

REUTERS/Caitlin Ochs/File Photo Acquire Licensing Rights NEW YORK, June 15 (Reuters) - CoinEx agreed to pay $1.8 million and be banned from operating in New York to settle state Attorney General Letitia James' lawsuit accusing the cryptocurrency exchange of operating illegally because it failed to register with the state.

Why was COINEX sued by New York attorney general Letitia James?

REUTERS/Dado Ruvic/Illustration NEW YORK, Feb 22 (Reuters) - CoinEx was sued on Wednesday by New York Attorney General Letitia James, who accused the cryptocurrency exchange of transacting business illegally because it did not register with the state.

What is newyorkcoin (NYC)?

NewYorkCoin (NYC) is "The Original Lightning-Fast, NO FEE #Payments Crypto". NewYorkCoin was launched in 2014 by an anonymous developer shortly after the announced prosecution of Charlie Shrem (BitInstant) by New York authorities. NewYorkCoin is designed for daily retail-level use with no fees and 30-second transaction confirmations.

What happened to COINEX?

CoinEx did not immediately respond to requests for comment. The Hong Kong-based company was founded in 2017 and is also known as Vino Global Ltd, according to court papers. James' civil lawsuit seeks restitution, and a ban on access to CoinEx's mobile app, website and services from New York.