$22M KuCoin NY Settlement, KuCoin Took Your Crypto Without a License, New York Won It Back. Here’s How to Claim Yours

New York’s attorney general caught KuCoin operating an unregistered crypto exchange in the state and sued. KuCoin admitted it. The result: a $22,066,642 settlement — $16.77 million of which goes back directly to New York customers who held funds on the platform between 2017 and 2023. Unlike most settlements, this one pays you back the actual value of your account balance, not a flat coupon. The claim deadline is February 28, 2029, and quarterly payouts start in June 2026.

Field		Detail
Settlement Amount		$22,066,642
Who Qualifies		KuCoin users who traded crypto in New York from 2017–2023
Payout Per Person		Your exact KuCoin account balance as of Nov. 29, 2023
Proof Required		Yes — wallet connection + two forms of ID
Disgorgement to New York State		$5,300,000
Available for Customer Claims		$16,766,642
Claim Deadline		February 28, 2029
First Payment Date		June 2026 (quarterly distributions)
Administrator		Simpluris
Official Website		kucoinnyagconsentorder.com

Where things stand: The consent order has been finalized. This is not a pending settlement — it is already approved and paying out. Payments will be transmitted on a quarterly basis starting in June 2026 and continuing through March 2029. File sooner rather than later to get into the earliest payment round.

KuCoin Was Selling Securities to New Yorkers — Without Ever Getting Permission To

New York has some of the strictest securities laws in the country, anchored by the Martin Act. Any platform buying or selling securities or commodities in the state needs to be registered. KuCoin wasn’t.

On March 9, 2023, New York Attorney General Letitia James filed a verified petition alleging that KuCoin operated a cryptocurrency trading platform through which it offered, sold, and purchased securities and commodities in the form of cryptocurrencies and violated New York’s Martin Act by unlawfully operating as an unregistered securities and commodities broker-dealer and by misrepresenting its website as an “exchange.”

The tokens at the center of the case weren’t obscure altcoins. The OAG’s claims specifically included ETH, LUNA, and UST tokens and the KuCoin Earn product. These were mainstream assets that millions of investors held, traded on a platform that never told them it was operating outside New York law.

KuCoin admitted it operates a cryptocurrency trading platform on which users in New York can purchase and sell cryptocurrencies which are securities or commodities under New York State law, and that KuCoin is not registered in New York State as a securities or commodities broker-dealer. KuCoin also admitted it represented itself as an “exchange” without being registered as one.

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If You Used KuCoin From New York, You Almost Certainly Qualify

The definition of “New York customer” is deliberately broad. You don’t need to have a New York driver’s license or a billing address in the state. KuCoin tracked its users, and those records now determine who gets paid.

You may qualify if you meet any one of the following conditions:

• You conducted trading activity on KuCoin from within or through New York at any time between 2017 and 2023.
• Your current address in KuCoin’s records is a New York address.
• Your phone number on file with KuCoin has a New York area code.
• You accessed KuCoin’s website or app from a New York IP address or GPS location — unless you completed KYC verification as a non-U.S. national or a U.S. national with out-of-state ID.
• You provided KYC documents showing New York residency to KuCoin.

Both individuals and businesses can file a claim. If you ran a company that traded on KuCoin from a New York location, that entity qualifies too.

You’re Not Getting a Flat Check — You’re Getting Your Money Back

This settlement works differently from most. There is no flat award, no pro-rata reduction based on how many people file, and no guessing what your payout might be.

Each eligible claimant will receive the value of assets — in fiat and/or cryptocurrency — held in their KuCoin account as of November 29, 2023, subject to verification. If you had $800 in ETH sitting in your KuCoin account on that date, you can claim $800.

As of November 29, 2023, New York customers held assets with an approximate notional value of $16,766,642 worth of fiat and/or cryptocurrencies at KuCoin. That full amount flows back to eligible claimants — not to lawyers, not to the state.

The $5.3 million paid to the attorney general’s office is separate from the customer fund and does not reduce what you receive.

You Can Take Your Settlement in Crypto, Stablecoin, or a Check

One of the more unusual features of this settlement: you can choose how you receive your money, including getting it back in cryptocurrency.

You may elect to receive available cryptocurrency balances as an “in-kind” payment via on-chain transfer to a wallet address you provide and verify, as USDC via on-chain transfer, or as USD in the form of a check.

The cryptocurrencies available for in-kind payment are AVAX, SOL, BTC, DOGE, ETH, SHIB, USDC, XLM, and XRP.

One important warning: after submitting your claim form, you may not alter the payment target of any in-kind or USDC payment. If a payment target fails or is unable to transfer, funds may be liquidated to USD and converted to a check. All transfers are subject to applicable transfer and gas fees. Make sure your wallet address is correct before you submit.

How to File Your KuCoin NY Settlement Claim

Step 1 — Go to the official claim portal. Visit kucoinnyagconsentorder.com/form/claim to begin online. Online submission is strongly encouraged over paper mail.

Step 2 — Log in with your notice ID and PIN. Log into the online module using the Login ID and PIN that were emailed to you as part of the notice. If you cannot locate your Login ID and PIN, contact the Claims Administrator at [email protected].

Step 3 — Connect your depositing wallet. The claim form requires you to connect the wallet you used to deposit funds into KuCoin via the online wallet connector. If you are unable to connect your depositing wallets, you may provide exchange and/or wallet account information in the form of screenshots or videos as visual proof of ownership.

Step 4 — Upload two forms of ID. Every claimant must provide two valid forms of identification regardless of how they file.

Step 5 — Select your payment method. Choose between in-kind crypto, USDC, or a USD check. Make this decision carefully — you cannot change the payment target after submission.

Step 6 — Submit and save your confirmation. Keep your Claim Submission ID. You’ll need it if you ever need to request a check reissue or follow up with the administrator.

Estimated time to complete: 10–20 minutes (longer if you need to locate wallet credentials)

Can’t file online? Download the paper claim form at kucoinnyagconsentorder.com and mail it to: NYAG KuCoin Remediation, P.O. Box 25228, Santa Ana, CA 92799. Paper claims must be postmarked by February 28, 2029.

The Timeline: From Lawsuit to Quarterly Payouts

Milestone	Date
KuCoin operates in New York	2017–2023
NY Attorney General files enforcement action	March 9, 2023
KuCoin ordered to close New York accounts	120 days after consent order
Account balances snapshot taken	November 29, 2023
Consent Order finalized	TBD
First quarterly payment distribution	June 2026
Claim filing deadline	February 28, 2029
Final quarterly payment distribution	March 2029

Frequently Asked Questions

Do I need a lawyer to file a claim? 

No. This is an attorney general enforcement action, not a traditional class action with class counsel. You file directly through the official settlement website at kucoinnyagconsentorder.com. The process is self-guided and does not require legal representation.

Is this settlement legitimate? 

Yes. The New York Attorney General’s office brought this case and the consent order is public record. The case is People of the State of New York v. Mek Global Limited and PhoenixFin PTE Ltd. d/b/a KuCoin, Case No. 450703/2023 in the Supreme Court of New York County. The claims administrator, Simpluris, operates the official settlement site under supervision of the OAG.

When will I receive my payment?

 Payments will be transmitted on a quarterly basis starting in June 2026 and continuing through March 2029. Filing early puts you in consideration for the first round. There is no guarantee of which quarter your specific claim will be processed.

What if I missed the claim deadline?

 The deadline is February 28, 2029 — still nearly three years away. If you miss it, you cannot recover your share of the $16.77 million customer fund. There is no indication the deadline will be extended, so don’t wait.

Will this settlement payment affect my taxes?

Possibly. A payment representing the return of your own crypto account balance may be treated differently than other settlement income, but cryptocurrency tax treatment is complex and fact-specific. Consult a tax professional before filing, particularly if your balance includes assets that have changed significantly in value since 2023.

I moved out of New York after 2023 — do I still qualify?

 Yes, if you were a New York customer when you used KuCoin. The eligibility definition looks at your activity and information on file at the time you used the platform, not where you live today.

I lost access to my KuCoin depositing wallet. Can I still file? 

Yes. If you are unable to connect your depositing wallets, you may provide attributable exchange and/or wallet account information in the form of screenshots or videos as visual proof of ownership. You can also submit a paper claim form if the online wallet connector isn’t an option.

KuCoin is no longer available in New York — what happened to my account?

 KuCoin was ordered to terminate access to its services for users in the State of New York and to close relevant accounts no later than 120 days after the effective date of the Consent Order. KuCoin was restricted to allowing existing New York accounts access only for the purpose of withdrawing assets for 30 days from the effective date. The settlement process now handles recovery of any remaining balances.

Sources & References

1. Official settlement website: kucoinnyagconsentorder.com
2. Official FAQ: kucoinnyagconsentorder.com/faq
3. NY Attorney General press release: ag.ny.gov
4. Stipulation and Consent Order: available at kucoinnyagconsentorder.com/documents/

Last Updated: April 3, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding a particular situation, consult a qualified attorney.