Hong Kong-based crypto exchange CoinEx has been banned from operating in New York by Attorney General Letitia James. According to an announcement on June 15, over $1.7 million worth of the exchange’s funds were seized for allegedly failing to register as a securities and commodities brokerage.

The agreement resolves a previous lawsuit against CoinEx from February, when the New York state accused it of falsely representing itself as an exchange and failing to register with local authorities.