Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3m to its users after allegedly charging “exorbitant and undisclosed fees” for storing Bitcoin on the platform. The New York State Attorney General’s office found that the platform defrauded “hundreds of New Yorkers” out of thousands of dollars, with some accounts being drained entirely of their funds. Coin Cafe is required to refund all fees to US-based investors who request a refund within the next year, and notify all US-based customers of their eligibility for a refund via email by 23 May.
Key points:
– Coin Cafe has been ordered to repay $4.3m to its users after allegedly charging “exorbitant and undisclosed fees” for storing Bitcoin on the platform.
– The New York State Attorney General’s office found that the platform defrauded “hundreds of New Yorkers” out of thousands of dollars, with some accounts being drained entirely of their funds.
– Coin Cafe is required to refund all fees to US-based investors who request a refund within the next year, and notify all US-based customers of their eligibility for a refund via email by 23 May.
