CoinEx Paid Over $1,700,000 To Resolve Lawsuit

According to the latest reports, it seems that CoinEX was able to pay almost $2 million to resolve the lawsuit. Check out the latest reports about the matter below.

A crypto company based in Hong Kong has agreed to pay over $1.7 million in refunds and penalties to investors following a settlement with New York State Attorney General Letitia James.

The AG had filed a lawsuit against CoinEx trading platform in February, alleging that the company had falsely portrayed itself as a crypto exchange and failed to register as a securities and commodities broker-dealer.

This week, it was announced in a press release by the attorney general that CoinEx has agreed to pay over $1.1 million in refunds to 4,691 New York investors and more than $600,000 in penalties to the state. This settlement will put an end to the lawsuit. CoinEx has also been banned from operating in New York.

However, the platform had already announced that it would stop its US operations in response to the lawsuit a few months ago. The agreement with the attorney general requires CoinEx to use geoblocking to prevent New York IP addresses from accessing its platform.

According to the latest reports, it seems that Peter Brandt is warning that Bitcoin (BTC) is losing support and may make a sharp move to the downside.

Brandt said recently that Bitcoin’s steady price action in the $25,000 range is now starting to collapse.

According to Brandt, Bitcoin’s price action created a critical price level that set it up for a major move based on several indicators including a downward 18-day moving average (MA) and 8-day MA.

“Four closed numbers within 3/10th of 1% range. This is the definition of price equilibrium. ‘Hinge’ behavior.”

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the red and the price of the king coin is $25,510.