KuCoin, a cryptocurrency exchange, has agreed to pay $22 million to New York State and cease offering services to its residents.
This decision follows a stipulation and consent order filed in the New York Supreme Court on Dec. 12.
KuCoin will close accounts of New York residents within 120 days and prevent future account creation by residents of the state.
Withdrawals for New York users will be restricted to within 30 days, with a 90-day period to fully withdraw funds.