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Coinseed Officially Shut Down by New York Attorney General

·1 min read

BeInCrypto –

New York Attorney General Letitia James won a court order forcing the closure of cryptocurrency exchange Coinseed.

According to a statement from the Attorney General’s Office, the order against Coinseed Inc. and founder Delgerdalai Davaasambuu “permanently halts their illegal and fraudulent operations.” The order also appoints a permanent receiver to take control of the platform’s website and protect investors’ funds. Additionally, the court order awarded a $3 million judgment against the defendants.

The state had earlier accused the tiny cryptocurrency trading platform of illegally selling securities. Coinseed had also improperly acted as a broker-dealer, prior to putting “every investor’s holdings into one single, extremely volatile virtual currency (named Dogecoin) which rises and falls dramatically in price in a matter of hours on any given day,” behind its customers’ backs, James said in a May court filing.

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