New York AG settles with crypto exchange KuCoin

What they're saying: "Crypto companies should understand that they
must play by the same rules as other financial institutions, and my office will hold them accountable when they don't," Attorney General Letitia James said in a statement.

Between the lines: Customers have 90 days to claim refunds in cryptocurrency form and after that they can email [email protected]. The site will no longer be usable for residents of New York.

• KuCoin also has to take steps to keep New Yorkers off the exchange.

By the numbers: CoinMarketCap ranks KuCoin as the 4th largest exchange in the world by volume, with an estimated $1.23 billion in volume over the previous 24 hours.

Flashback: The state of New York has been on something of a legal campaign lately. In October, James announced a civil lawsuit against some of the industry's larger players.

• Meanwhile, the state's Department of Financial Services has new stricter rules for listing and delisting assets on exchanges that it has authorized to operate.

Go deeper: New York releases new rules for crypto exchange listings