New York Attorney General Letitia James has sued cryptocurrency exchange Coinex “for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange.” The NY attorney general also stressed that Coinex is not registered with the U.S. Securities and Exchange Commission (SEC) even though the platform lets users trade crypto tokens that are allegedly securities.

The office of New York Attorney General (NYAG) Letitia James announced Wednesday that the attorney general has sued cryptocurrency trading platform Coinex “for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange.” The announcement details:

The Office of the Attorney General (OAG) was able to buy and sell cryptocurrencies on Coinex in New York, although the company is unregistered in the state, which is a violation of New York’s Martin Act.