Frequently Asked Questions

1. What is this matter about?

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.

2. Who is involved?

Mek Global Limited and PheonixFin PTE Ltd d/b/a KuCoin is the entity involved in this matter. The Office of the New York State Attorney General filed this action in the Supreme Court of the State of New York, County of New York.

3. When did this take place?

KuCoin operated a cryptocurrency trading platform which included users in New York State from 2017 through 2023.

4. Is this website operated by the New York Attorney General’s Office?

This website is operated by Simpluris, the Claims Administrator for this matter.

5. How do I know if I am eligible to receive a payment?

To be eligible for payment in this matter:

1. You must have bought or sold cryptocurrency on the KuCoin trading platform, and,
2. You must be a “New York Customer” as that term is defined in the Order. A New York customer includes anyone who:
1. Conducted activity on the KuCoin platform from, within or through New York;
2. Was a KuCoin customer whose current address as indicated in KuCoin’s records is a New York address;
3. Has a current phone number as indicated in KuCoin’s records with a New York area code;
4. Has accessed KuCoin’s public website or mobile app from an IP address or GPS location associated with New York unless they have completed know your customer verification (“KYC verification”) as a non-U.S. national or a U.S. national who has presented a non-New York Identification document; or
5. Provided KYC verification information indicating New York presence to KuCoin.

6. Which cryptocurrencies are available for “in-kind” payments?

7. What do I need in order to submit a Claim?

Online Submissions: Online submissions are encouraged. To submit a Claim Form online, you must follow the instructions provided on the Submit a Claim page of this website. Claim Forms completed online must be submitted on or before 11:59 p.m. EST on February 28, 2029.

Log into the online module using the Login ID and PIN that were emailed to you as part of the notice. If you cannot locate your Login ID and PIN, please contact the Claims Administrator at info@KuCoinNYAGConsentOrder.com.

Mail Submissions: If you are unable to submit a Claim Form online and/or you have lost relevant credentials of the wallet you used to deposit funds to your KuCoin account, you may download a copy of the Claim Form here and submit it via mail to:

NYAG KuCoin Remediation

P.O. Box 25228

Santa Ana, CA 92799

8. Which wallets and/or centralized exchanges are available to be connected when submitting a Claim?

Click here to view a full list of Claim Form compatible wallets and centralized exchanges.

9. When will I receive my payment?

Payments will be transmitted and issued on a quarterly basis starting in June 2026 and continuing through March 2029.

10. In what form can I receive my payment?

As part of your Claim Form, you will be required to elect a payment type for each of your available cryptocurrency balances.

• Option 1: You may elect to receive any of your available cryptocurrency balances as an “in-kind” payments which will occur via an on-chain transfer to a valid wallet address you provide and verify as part of your Claim Form.
• Option 2: You may elect to receive any of your available cryptocurrency balances as USDC. These payments will occur via an on-chain transfer to a valid wallet address you provide and verify as part of your Claim Form.
• Option 3: You may elect to receive any of your available cryptocurrency balances as USD in the form of a check. All existing USD balances will be paid by check and cannot be converted to cryptocurrencies. The cryptocurrencies will be liquidated and a check will be issued to the name and address associated with the valid Claim Form.

Important Note: After submitting your Claim Form, you may not alter the payment target of any “in-kind” or USDC payment. If a payment target fails or is unable to transfer, funds may be liquidated to USD and converted to a check payment. All transfers are subject to applicable transfer and gas fees.

11. How do I request a reissue of my check?

To request a reissue of an issued check, please email info@KuCoinNYAGConsentOrder.com with your full name, mailing address, Claim Submission ID (if applicable), and reason for reissue. Reissue requests may take up to 21-30 days to fulfill.

12. New York State Privacy Protection Law

The Claims Administrator, Simpluris, Inc. (“Simpluris”), has been engaged by the NYS Office of the Attorney General to assist it in implementing the settlement in the settlement of the action, People of the State of New York v. Mek Global Limited and PhoenixFin PTE Ltd d/b/a KuCoin. If you choose to participate in the Settlement, your doing so is purely voluntary and is not required; you may do so, but if you elect not to participate in the Settlement you are not required to do anything.

The Claims Administrator, Simpluris, will use the information you submit only to determine whether you are eligible to participate in the Settlement, how much you may be entitled to receive, and to process a distribution of funds to you.

The Claims Administrator, Simpluris, will maintain all such information in Simpluris’s database under the supervision of:

Office of The Attorney General

28 Liberty St

New York, NY 10005

(800)771-7755

13. Where can I find more information?

For more information, please review the Important Documents page of this website, email info@KuCoinNYAGConsentOrder.com with questions, or call toll-free (866) 675-2640.