New York AG Orders Unregistered Crypto Platforms To Cease Operations

New York State has ramped up its crackdown against the cryptocurrency space. Attorney General Letitia James recently ordered two crypto lending platforms to close their operations within the state. New York Combats Unregistered Securities It confirmed Attorney General James’s motion in a press release from her government website earlier today. Her actions are part of an effort to protect New Yorkers from so-called “virtual currency schemes.” The AG sent a letter to two unnamed cryptocurrency lending platforms, demanding they cease…

New York Court Closes Down Coinseed for Unlawfully Handling Customers’ Funds

On September 13th, the New York Attorney General won a lawsuit against Coinseed. NYAG Letitia James ordered Coinseed to stop their operations for its improper dealings. The crypto exchange platform defrauded customers by converting their funds into Dogecoin without their consent. The Federal court instructed Coinseed to pay $3 million in fines for its illegal dealings. The company further emptied its bank accounts and issued unlicensed securities. Unfortunately, it is not the first time Coinseed has been on the wrong side of…