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New York Attorney General calls out Binance, Kraken and Gate.io for possible unlawful operations

Priyamvada Singh

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New York Attorney General calls out Binance, Kraken and Gate.io for possible unlawful operations
Source: Pixabay

On 18th September, Attorney General Barbara Underwood released a report titled ‘Virtual Markets Integrity Initiative’, wherein she explained the report as being the result of an inquiry sent to various cryptocurrency exchanges earlier in the year. The three cryptocurrency platforms highlighted by Underwood were Binance, Kraken and Gate.io.

Tweet by Barbara Underwood | Source: Twitter

Tweet by Barbara Underwood | Source: Twitter

The inquiry demanded key information on operations, measures against market manipulation and internal controls from 10 cryptocurrency exchanges. The Attorney General found that the platforms possess a significant variation from each other in their practices to protect customer funds. Subsequently, she wrote that a number of exchanges lack policies and procedures essential to maintain fairness, integrity and security on the platform.

According to the report, there are three major fields of concern, namely, scrutiny on abusive trading activities, conflicts in interest and customer fund protection.

Regarding these, Underwood stated that some platforms not only monitor but also restrict automated algorithmic trading as well as block bots from operating trades. Furthermore, she believes that the customers must know the ways devised by their exchanges to address such issues. She added:

“Generally accepted methods for auditing virtual assets do not exist, and trading platforms lack a consistent and transparent approach to independently auditing the virtual currency that is purportedly in their possession.”

In the report, the results associated with automated trading policies have also been shown. Underwood shared it with the community, revealing the exchanges that carry these policies and the ones that do not. Most of the important exchanges were observed to have no monitors for small orders.

Update on Automated Trading Policies | Source: Twitter

Update on Automated Trading Policies | Source: Twitter

In another comment of the Twitter thread, Underwood provided the members of the cryptocurrency space with valuable information to assist them in protecting themselves from the malpractices of these platforms. The questions were aligned with the aspects of guide rails, insurances, policies and transparency.



Tweet by Barbara Underwood | Source: Twitter

Tweet by Barbara Underwood | Source: Twitter

In cases of hacks or an unauthorized withdrawal, Underwood reminded the users that they are at huge risks of losing funds as there is no policy implemented by exchanges in the virtual currency space to protect the public. Here, she stated:

“There are serious Qs about the scope and sufficiency of the insurance some platforms carry to cover those losses. Some platforms do not insure against losses at all.”

Binance, Kraken and Gate.io are three of the most well renowned digital currency platforms in the world. According to the index on CoinMarketCap, Binance ranks first on the list, whereas Kraken and Gate.io rank 16th and 31st, respectively. At press time, the 24-hour trading volume of Binance was $997.6 million with a slump of over 10% during the past day.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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