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Crypto Trading Platform Closes Down Amid Lawsuit

Published 06/09/2021, 10:20 AM
Updated 06/09/2021, 10:30 AM
Crypto Trading Platform Closes Down Amid Lawsuit

  • Coinseed crypto exchange will be closing down soon
  • This is due to its lawsuit from the New York Attorney General (NYAG).
  • Coinseed’s CEO is having an airdrop as his last stand against the matter.

Coinseed, the crypto trading platform, will be shutting down soon. This is because of the lawsuit it is facing from the New York Attorney General (NYAG).

The Founder and CEO of Coinseed, Delgerdalai Davaasambuu, put up a strong message out for all the users on the exchange so far. Above all, he thanks all the users for their continued support.

New York Attorney General, Letitia James, led the lawsuit. The charges were based on the alleged violations of the Martin Act. This act monitors fraudulent activities in New York.

Back in 2018, Coinseed raised $1 million via an initial coin offering (ICO). According to the NYAG, Coinseed was responsible for offering unregistered securities as an ICO. In turn, Coinseed evaded certain allegations by stating that its funds came from non-US residents.

Additionally, Davaa...

This article was first published on coinquora.com

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