Cryptocurrency change CoinEx has been sued by New York Lawyer Common Letitia James, who alleges the agency falsely represented itself as an change by failing to register as a securities and commodities broker-dealer within the state.

A 38-page petition filed by James within the New York Supreme Courtroom on Feb. 22 alleged CoinEx “engaged in repeated and protracted fraudulent practices” and violated the state’s Martin Act — thought of some of the strict anti-fraud and securities regulation legal guidelines in the US.

She additionally asserted CoinEx listed numerous tokens that certified as “each commodities and securities,” naming Amp (AMP), LBRY Credit (LBC), Rally (RLY) and Terra (LUNA).

In a Feb. 22 assertion, James stated that CoinEx will not be registered with the Securities and Change Fee or the Commodity Futures Buying and selling Fee, “as is required beneath New York legislation” to promote the tokens.

The Lawyer Common’s Workplace created a CoinEx account with a New York-based pc and web deal with and alleged it was capable of commerce on the platform.

“The times of crypto corporations like CoinEx performing like the foundations don’t apply to them are over,” she added.

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The petition additionally states that CoinEx did not adjust to a Dec. 22 subpoena despatched by the Lawyer Common’s Workplace to be able to “present testimony in regards to the digital asset buying and selling actions of its platform.”

“CoinEx was compelled by subpoena to look for an examination beneath oath on January 9, 2023, and failed to look […] CoinEx’s non-appearance is prima facie proof that CoinEx has engaged within the [mentioned] fraudulent practices.”

Within the petition, James is looking for a court docket order to cease CoinEx from advertising and marketing itself as an change and forestall it from working within the state by ordering it to geoblock web addresses and GPS location knowledge originating from New York.

Cointelegraph contacted CoinEx for remark however didn’t obtain a direct response.