According to @News_Of_Alpha, Bloomberg terminal news shows that KuCoin will pay $22 million and withdraw from the New York market to resolve the encryption lawsuit.
According to previous news in March, New York State Attorney General Letitia James filed a lawsuit against crypto exchange KuCoin, accusing it of violating securities laws by providing unregistered securities and commodities. The lawsuit is part of a crackdown on unregistered crypto platforms launched by New York state regulators. The lawsuit also alleges that ETH, LUNA, and UST are securities.
Additionally, James believes that KuCoin sells unregistered securities through its lending and staking product, KuCoin Earn. James seeks to obtain a court order preventing KuCoin from operating in New York State and directing KuCoin to implement geo-blocking based on IP addresses and GPS locations to prevent New York State residents from accessing KuCoin’s applications and services.