Coin Cafe to Return $4.3M in Fraudulent Fees to Crypto Investors
Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees" for storing Bitcoin on the platform — leading to some accounts being drained entirely of its funds. The New York attorney general stated that the company defrauded “hundreds of New Yorkers” out of thousands of dollars, routinely charging and increasing “fees without properly informing investors.” In a settlement, Coin Cafe is required to refund all fees to U.S.-based investors who request a refund within the next year. The platform is also obligated to notify all U.S-based customers of their eligibility for a refund via email by May 23.