The New York State Attorney General’s office filed a lawsuit against CoinEx on 22 February, claiming that it is an unregistered broker. CoinEx did not register with the SEC, the CFTC, or New York regulators before offering services in New York. The New York State Attorney General’s office filed a lawsuit against CoinEx yesterday (22 […]
The New York State Attorney General’s office filed a lawsuit against CoinEx on 22 February, claiming that it is an unregistered broker.
According to the complaint, CoinEx did not register as an exchange with the Securities and Exchange Commission , as a commodities broker-dealer with the Commodity Futures Trading Commission , or with New York regulators before offering services in the state. Citing New York’s Martin Act and General Business Law, the petition alleges that the exchange listed several tokens and services that qualify as securities and/or commodities under state law.All of the tokens can be defined as commodities as per the Martin Act which includes any foreign currency as well as any other good, article, or material.
Under the Martin Act, the tokens are also securities because they represent monetary investments in common enterprises that will generate profits mainly through the efforts of others.
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