New York Attorney General Eric Schneiderman has launched an inquiry into virtual currency trading platforms or exchanges as part of the efforts to protect cryptocurrency investors and consumers.
Schneiderman's fact-finding inquiry called Virtual Markets Integrity Initiative will look into the policies and practices of platforms used by consumers to trade cryptocurrencies such as bitcoin and ether.
The AG's Office has sent out letters to 13 cryptocurrency exchanges asking them to disclose key details of their operations including internal controls, customer safeguards, use of bots, conflicts of interest, outages, and other key issues. The letters include a similar questionnaire for all to fill out.
The questionnaire asks the platforms to disclose information falling within six major topic areas, including ownership and control, basic operation and fees, trading policies and procedures, outages and other suspensions of trading, internal controls, as well as privacy and money laundering.
"With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don't have the basic facts they need to assess the fairness, integrity, and security of these trading platforms," said Schneiderman.
The letters were sent out to Coinbase, Gemini, bitFlyer, Bitfinex, Bitstamp, Kraken, Bittrex, Circle, Binance, Tidex.com, Gate.io, itBit, and Huobi. The companies have until May 1 to respond to the letter along with the duly filled questionnaire.
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