According to an email received by customers, crypto-exchange CoinEx has been forced to stop its services for US citizens. The company has asked its US customers to withdraw their capital by 24 April, after which time accounts will be gradually blocked. To identify US-based customers, CoinEx has verified their IP addresses.
CoinEx is a Hong Kong-based cryptocurrency exchange that has been operating since 2017 and is currently represented in more than 100 countries. The platform offers a total of 650 coins and 959 trading pairs.
New York Attorney General Letitia James on February 22 accused CoinEx of illegal behavior. She claimed that the trading platform violated the Martin Act, which is the Financial Fraud Act. James subsequently demanded damages and a ban on CoinEx from accessing its online platform, website and services in New York.
Before the incident, eight US states had charged Nexo's interest product as an unregistered securities offering, so the cryptocurrency lender will have to pay a large fine for stopping serving US customers.
