• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Coin Cafe

NY Attorney General Orders Coin Cafe To Return $4.3M To ‘Defrauded’ Crypto Investors

anushsamal
by anushsamal
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

New York Attorney General, Letitia James, made an important announcement on Thursday regarding resolving a case involving Coin Cafe, a trading platform.

The Attorney General’s office had successfully obtained $4.3 million from Coin Cafe, which had deceived investors by falsely offering free Bitcoin storage on company-hosted wallets.

Instead of fulfilling their promise, the platform stealthily imposed exorbitant user fees. According to the statement, Coin Cafe has officially admitted to the deceptive practice of regularly implementing and escalating fees without providing adequate disclosure to investors.

Related Reading: Coinbase’s Premium Service Expands, Offers Gift To New Members

The trading platform had charged one customer over $10,000 in fees within a month and another investor an astonishing amount of over $51,000.

Attorney General James emphasized the necessity for improved regulation within the cryptocurrency industry, comparing it to the scrutiny of any traditional financial institution.

Attorney General James added:

Every New Yorker deserves to be confident that their investments are protected with commonsense regulations and real oversight.

Coin Cafe, a cryptocurrency trading platform based in Brooklyn, neglected to comply with the legal obligation of registering with the New York Office of the Attorney General (OAG) as a commodity broker-dealer.

Coin Cafe Agrees To Compensate About 340 Deceived Investors

According to the New York Attorney General, Coin Cafe has agreed to pay rebates to investors conned by their practices. The refund package amounted to over $508,000 and will be issued to more than 340 New York investors unknowingly charged fees by the trading platform.

According to the regulator, the exorbitant fees imposed by the company were of such magnitude that they entirely depleted the accounts of certain customers. Coin Cafe had silently started initiating storage fees for its wallet service in September 2020, withholding this information from investors.

Over time, the company modified its fee structure four times, with each adjustment resulting in higher customer charges. Remarkably, Coin Cafe either failed to communicate these fee increases or remained ambiguous to its investors about the same.

The most significant alteration to the fee structure occurred in October 2022. The platform has now agreed to address the financial harm caused by its actions.

Related Reading: Texas Legislature Adds Digital Currency To State’s Bill of Rights

Renowned for its firm approach to combating illicit activities within the digital currency ecosystem, the New York Attorney General’s Office has established a notable track record. In recent years, the office has undertaken various enforcement actions and reached settlements with prominent cryptocurrency companies.

Among these cases was the investigation and settlement with Tether Holdings Limited, the issuer of the widely-used stablecoin USDT. The New York Attorney General’s Office claims that it wants to ensure that companies comply with regulatory standards and protect the interests of investors and consumers.

Coin Cafe
Bitcoin was priced at $26,500 on the one-day chart | Source: BTCUSD on TradingView
Featured Image From CNBC, Charts From TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
anushsamal

anushsamal

Follow

Full Profile

Related Posts

Crypto, Crypto exchange, Bybit, stablecoin

Insufficient Stablecoin Supervision? Nobel Economics Laureate Warns Of Potential Financial Crisis

53 minutes ago
Gemini

Crypto Exchange Gemini Sets Sights On $2.3 Billion Valuation As IPO Approaches

1 hour ago
fortune-crypto-chatgpt5-x1000

Faire fortune en crypto ? ChatGPT 5 relance le x1000

8 hours ago
acheter-token6900-avant-claim

Dernières 24h pour acheter TOKEN6900 avant le claim !

9 hours ago
El Salvador

El Salvador Breaks Ground With 1st Government Bitcoin Event

9 hours ago
starknet-panne-ethereum-redemarrage-apres-arret

Panne Starknet : le L2 d’Ethereum repart après 4h d’arrêt

17 hours ago

Premium Sponsors

Press Releases

  • Top 5 Most Profitable ASIC Miners in 2025: ROI Comparison

    11 hours ago
  • Bitget to Transfer 440 Million BGB to Morph Foundation...

    11 hours ago
  • From Institutional to Individual Investors: How XRP and...

    12 hours ago
  • Despite XRP price fluctuations, Mint Miner lets holders...

    12 hours ago
  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    14 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.