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.
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…
