New York Cracks Down on CoinEx Exchange, Seizes Millions in Crypto Assets

Hong Kong-based crypto exchange CoinEx has been banned from operating in New York and over $1.7 million worth of the exchange's funds were seized for allegedly failing to register as a securities and commodities brokerage. CoinEx must implement geo-blocking to prevent access by New York IP addresses and is forbidden from creating any new accounts for U.S. customers. Over $1.1 million will be returned to 4,691 New York investors, and more than $600,000 will be paid in penalties to the state. CoinEx users will be able to recover crypto funds directly from the exchange over the next 90 days.