• The New York Attorney General Letitia James has sued cryptocurrency exchange CoinEX for failing to register its services with the state.
• CoinEX also failed to comply with a subpoena it was served a few weeks ago, presenting itself as an exchange.
• The petition wants to stop the cryptocurrency exchange from carrying out unauthorised activities in New York and obtain an accounting of all fees received from New York customers.

New York Attorney General Sues CoinEx

The New York Attorney General Letitia James has sued cryptocurrency trading platform CoinEX for failing to register its services with the state, according to a petition filed in the Supreme Court of the State of New York on Wednesday. The crypto exchange also failed to comply with a subpoena it was served last month.

CoinEx Offers Unauthorized Services

The lawsuit alleges that CoinEx offered, sold, purchased and effected transactions in cryptocurrencies that are commodities and securities without being registered as a commodity broker-dealer and a securities broker or dealer in New York. Some of these tokens are regarded as commodities and securities under the Martin Act, a New York securities law since they represent investments of money in common enterprises with profits to be derived primarily from the efforts of others.

New York Seeks Blocking Access & Accounting Of Fees

The attorney general seeks to block access from IP addresses located in New York State, stop the unauthorized activities carried out by CoinEX within the state borders, and obtain an accounting of all fees received from customers based in New York State.

Securities & Commodities Offered By CoinEx

The four tokens offered as securities and commodities by CoinEx include; AMP, LBRY token („LBC“), LUNA and Rally („$RLY“).

History Of NY AG’s Office With Crypto Players

This isn’t surprising given NY’s history when it comes to filing lawsuits against crypto firms and individuals who fail to meet the regulatory requirements set by NY regulators.