According to the Complaint, KuCoin launched in September 2017, and claims to have “grown into one of the most popular crypto exchanges,” serving “5 million users”—“[o]ne out of four crypto holders worldwide”—“across 207 countries and regions around the world.” KuCoin facilitates trades in digital assets, including the Tokens, by providing a marketplace and facilities for bringing together buyers and sellers of securities, in exchange for KuCoin taking a fee for every transaction it facilitates.
On behalf of a class of investors who purchased ten digital tokens that KuCoin has sold through its online exchange since September 15, 2017 (the “Class”), without registering under applicable federal and state securities laws as an exchange or broker-dealer, and without a registration statement in effect for the securities it was selling, Plaintiff and members of the Class seek to recover the consideration paid for the tokens and the fees they paid to KuCoin in connection with their purchases of EOS, SNT, QSP, KNC, TRX, OMG, LEND, ELF, CVC, and TOMO (together, the “Tokens”).
On October 7, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on the same day.
On July 2, 2021, Lead Plaintiff filed a Motion for Class Certification. On February 9, 2022, the Court issued an Order granting in part Lead Plaintiff's Class Certification Motion.
Lead Plaintiff voluntarily dismissed the case on June 10, 2022.