This website was created pursuant to a Court Order.
On March 9, 2023, the People of the State of New York, by Letitia James, Attorney General of the State of New York (the “OAG”) filed a Verified Petition in Supreme Court, New York County alleging the Mek Global Limited and PheonixFin PTE Ltd d/b/a KuCoin operated a cryptocurrency trading platform through which it offered, sold, and purchased securities and commodities, in the form of cryptocurrencies and violated New York Executive Law § 63(12) through its repeated and persistent violation of the General Business Law §§ 359-e(3), 359e(14), and 352c(3) (the “Martin Act”). The OAG alleged that KuCoin violated the Martin Act by its unlawful offers, sales, and purchases of securities and commodities, in the form of cryptocurrencies in New York State and its unlawful representation of its website as an “exchange.”
The Parties resolved the claims alleged in the Verified Petition upon the terms set forth in the Stipulation and Consent Order. KuCoin agreed to the relief specified herein and in the Consent Order and Judgment to resolve without further litigation the OAG' s claims that (1) KuCoin acted as an unregistered securities broker or dealer and commodities broker-dealer by offering, selling, and purchasing securities and commodities, including but not limited to the ETH, LUNA, and UST tokens and the KuCoin Earn product, within the State of New York and (2) while engaged in the business of the sale of securities and commodities, KuCoin unlawfully represented itself as an "exchange" in violation of the Martin Act, which are repeated and persistent illegalities in violation of New York Executive Law§ 63(12).
KuCoin admits that it operates a cryptocurrency trading platform on which users, including users in New York State, can purchase and sell cryptocurrencies which are securities or commodities as defined under the laws of New York State and that KuCoin is not registered in New York State as a securities or commodities broker-dealer. KuCoin admits that it represented itself as an "exchange" and was not registered as an exchange pursuant to the laws of New York State. KuCoin was ordered to terminate access to its services for users in the State of New York ("NY") and to close the relevant accounts of NY users no later than 120 days after the Effective Date of the Consent Order. KuCoin is prohibited from the creation of new NY accounts and restricted access to its platform to existing NY accounts for the sole purpose of withdrawing assets 30 days from the Effective Date of the Consent Order. While subject to market fluctuation, KuCoin attests that as of November 29, 2023, New York Customers held assets with an approximate notional value of $16,766,642.00 worth of fiat and/or cryptocurrencies at KuCoin. KuCoin agreed to pay $5.3 million to the OAG according to the terms set forth in the Consent Order and Judgment. KuCoin also agreed to return current account balances held by New York Customers at KuCoin in the approximate amount of $16,766,642.00 worth of fiat and/or cryptocurrencies in its possession and control.
For more information, read the full Stipulation and Consent and the Press Release.
Actions and Instructions | Deadline | |
Submit a Claim Form | If you bought or sold cryptocurrency on the KuCoin trading platform and you are an eligible New York Customer as defined by the Consent Order, you may submit a claim to the Claims Administrator to identify yourself and recover your assets. More information is available on the Submit a Claim page. | February 28, 2029 |
Upcoming Important Dates
June 2026 – Initial “In-Kind” Payments Distributed
June 2026 – Initial Check Payments Distributed
February 28, 2029 – Final Deadline to Submit a Claim for Payment