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New York Attorney General Schneiderman’s letter to the cryptocurrency exchange platforms

Laira Rebecca

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New York Attorney General Schneiderman’s letter to the cryptocurrency exchange platforms
Source: Pixabay

As a part of the proposal to protect consumers of the financial markets, the Attorney General of New York, Eric T. Schneiderman launched the Virtual Markets Integrity Initiative, according to which, the Attorney General’s office sent out an official letter to 13 major cryptocurrency exchange platforms. As many investors rely on these platforms, the initiative seeks to bring complete transparency and accountability to the consumers. It aims to give the average investors a clear picture of the exchange platform’s operations and policies.

Attorney General, Schneiderman says:

“With cryptocurrency on the rise, investors across the country have the right to transparency and accountability of their money. Yet consumers do not have any information about the basic facts they need to assess the fairness, integrity, and security of these trading platforms”

Further, he added:

“Our Virtual Markets Integrity Initiative helps in, promoting the accountability and transparency in the cryptocurrency marketplace that investors and consumers deserve.”

According to the officials of AG’s office, these cryptocurrency trading platforms are not completely protected like the traditional investing platforms. Also, the digital asset theft, unexpected trading outages, and market manipulations are occurring quite often. Therefore, the consumers have all the rights to be aware of the information and the basic practices that these platforms follow during the trade.

The letter which was sent from the AG’s office was enclosed with a questionnaire which contained 8 main points and 34 sub-points. The major points included:

  • Ownership and Control
  • Basic Operation and Fees
  • Trading Policies and Procedures
  • Outages and other Suspensions of Trading
  • Internal Controls
  • Privacy and Money Laundering
  • Protection against Risk to Customer Funds
  • Written Materials

The 13 trading platforms include:

Coinbase, Inc. (GDAX), Gemini Trust Company, bitFlyer USA, Inc., iFinex Inc. (Bitfinex), Bitstamp USA Inc., Payward, Inc. (Kraken), Bittrex, Inc., Circle Internet Financial Limited (Poloniex LLC), Binance Limited, Elite Way Developments LLP (Tidex.com), Gate Technology Incorporated (Gate.io), itBit Trust Company, and Huobi Global Limited (Huobi.Pro).

The representatives of Attorney General’s office will review the responses from all the exchange platforms and compare with other platforms. Further, they will communicate certain relevant information with the public based on their assessment.

Joe, a cryptocurrency fanatic says:

“hopefully they don’t come up with any new regulations, like that wonderful bitlicense idea”

Jeff Garzik, the CEO of Bloq. inc commented:

“Additionally, he should examine why crypto websites often feature the following legally mandated gate: “Citizens of Iran, North Korea, or the State of New York will be denied access to this service” #NotJoking #Bitlicense

Craig Paholak, A Twitterati says:

“Thank god our governments are looking out for us!”





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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