Coinbase and other 12 major cryptocurrency exchanges under a probe of NY attorney general

17 April 2018

Eric Schneiderman, New York attorney general, made an inquiry to 13 digital asset exchanges within the framework of the program titled Virtual Markets Integrity Initiative as its office has launched a probe into the policies available in place at the major platforms providing services for trading digital assets.

According to the statement made by Schneiderman, the initiative will focus on the rules and methods practiced by exchanges trading cryptocurrencies in a move to improve the level of openness and accountability of the industry.

13 cryptocurrency exchanges include such remarkable names as Coinbase, Bitstamp USA, Payward (Kraken), Bittrex, bitFlyer USA, Circle Internet Financial, Binance and others.

The letters were sent along with the attached question lists aimed at finding answers across six major categories: ownership and control; basic operation and fees; trading policies and procedures; outages and suspensions of trading; internal controls; and privacy and money laundering.

Schneiderman underlined the undeniable right of investors in New York as well as nationwide to the transparent information as they take their money and put them into the cryptocurrencies traded on the exchanges. At the moment, there are frequent cases when consumers lack fundamental information required to assess the risks along with the fairness, security and integrity of the platforms, where they participate in trading.

He adds: “Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve.”

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