What's illegal about mining a coin called COYE? Nothing. It's illegal to use "K"s image for promotion, but the way the developers have changed everything, I don't see any legal ground for "K" to stand on. Parody is not against the law, at least not in Canada. Did "K" sue the makers of South Park over the Gayfish? No, because they couldn't. If I knew how to run an exchange, I would open one myself and wouldn't worry about any lawsuit.
If I was going to worry about anything now, it would be the creators of South Park taking action against the new devs for "Gayfish" adaptation of the coin.
Nothing illegal about minign it and distributing it. Selling it is questionable at this moment but it wouldnt hold up in court. However...who wants to deal with that crap?
Also.... Kanye DID in fact sue South Park. They lost the suit though. Judge laughed at them. It is perfectly legal to sell someone's image if it satire. At least that is what i got from the suit.
Also... exchanges not hosted in the country will not have a problem with this coin.