New York Attorney General: Will close any Crypto exchange if they don't play by the rules

 

"If the Crypto exchanges do not play by the rules, they will have to close," this is the statement of the Attorney General of the state of New York, Ms. Letitia James.

Letitia James, the Attorney General of the State of New York, issued a serious warning to crypto exchanges in New York: "you play by the rules or we will shut you down".

She also warned investors that they should be alert when entering the crypto market.

In a recent statement, James said that she was committed to creating "a healthy and fair playing field" for crypto investors, by suppressing "greedy industry players" who whom she thinks is playing against the rules.

Just last week, her office settled a legal battle with crypto exchange Bitfinex, which forced Bitfinex and Tether to pay 18,5 million fines to the state of New York.

And yet, on February 17, her office filed a lawsuit against a cryptocurrency investment application called "Coinseed", alleging that the company did not register with New York state regulators.

James reminds crypto businesses that "if you want to operate here, exchanges, companies ... must register because in New York cryptocurrency is considered a commodity".

She noted crypto exchanges that they have to voluntarily register, otherwise they will be subject to both civil and criminal law enforcement.

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