Mark Mason
Well-known member
New York Attorney General Launches Probe into Cryptocurrency Exchanges
New York Attorney General, Eric Schneiderman, launched an investigation into 13 cryptocurrency exchanges on Tuesday.
AG Schneiderman sent a letter with a questionnaire to Coinbase, Gemini, Bit Trust, and ten other exchanges requesting more information on the exchanges’ trading policies, basic operation, fees charged, and controls against money laundering and hacks. The AG justified his inquiry by arguing that “consumers in New York and across the country have a right to transparency and accountability when they invest their money,” but they often “don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms”.
Most exchanges welcomed the inquiry, but Kraken’s CEO, Jesse Powell, took a stand by saying “I realized that we made the wise decision to get the hell out of New York three years ago and that we can dodge this bullet.” Powell was referring to the infamous BitLicense New York City issued a few years back that cause many cryptocurrency companies, including Kraken, to emigrate from the NYC area. The mass emigration was not completely lost on lawmakers since they are now debating about revising the BitLicense or possibly getting rid of it entirely.
Read more: https://www.dashforcenews.com/new-y...launches-probe-into-cryptocurrency-exchanges/
New York Attorney General, Eric Schneiderman, launched an investigation into 13 cryptocurrency exchanges on Tuesday.
AG Schneiderman sent a letter with a questionnaire to Coinbase, Gemini, Bit Trust, and ten other exchanges requesting more information on the exchanges’ trading policies, basic operation, fees charged, and controls against money laundering and hacks. The AG justified his inquiry by arguing that “consumers in New York and across the country have a right to transparency and accountability when they invest their money,” but they often “don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms”.
Most exchanges welcomed the inquiry, but Kraken’s CEO, Jesse Powell, took a stand by saying “I realized that we made the wise decision to get the hell out of New York three years ago and that we can dodge this bullet.” Powell was referring to the infamous BitLicense New York City issued a few years back that cause many cryptocurrency companies, including Kraken, to emigrate from the NYC area. The mass emigration was not completely lost on lawmakers since they are now debating about revising the BitLicense or possibly getting rid of it entirely.
Read more: https://www.dashforcenews.com/new-y...launches-probe-into-cryptocurrency-exchanges/