Attorney General James Recovers over $1.7 Million from CoinEX

Attorney General Letitia James has reportedly made a major impact against illicit cryptocurrency operations in the United States by announcing the recovery of over $1.7 million from the cryptocurrency network CoinEx. 

The New York Attorney General has ordered  the offshore cryptocurrency exchange CoinEx to immediately suspend operations in the United States, pay penalties, and reimburse investors in the state of New York who were harmed by the company’s illegal behavior.

According to the findings of the investigation into CoinEx, the company has been facilitating Bitcoin transactions in New York without the proper authorizations and licenses.

The company had been operating without the necessary License from the New York State Department of Financial Services or registration as a money transmitter.

CoinEx, according to AG Letitia, jeopardized its investors by functioning outside of the legal framework, leaving them vulnerable to threats including fraud, money laundering, and market manipulation.

New York’s financial system and its citizens are believed to be safeguarded by the rapid action from the Attorney General’s Office and other regulatory bodies.

She said in her words “Today’s agreement should serve as a warning to crypto companies that there are hefty consequences for ignoring New York’s laws. My office will continue to crack down on crypto companies that brazenly disregard the law, mislead investors, and put New Yorkers at risk.”

The investigation into CoinEx shows that cryptocurrency platforms that don’t follow the rules set by regulatory bodies are getting a lot more attention.

Regulators around the world, including those in the United States, have been stepping up their efforts to stop illegal activity in the cryptocurrency industry. This is to protect investors and create an environment where digital asset transactions can happen without risk.