The new inquiry launched into cryptocurrency exchanges by the New York Attorney General Schneiderman has been receiving a lot of backlash from the exchanges the letter was sent out to. The CEO and Co-Founder of Kraken, Jesse Powell was the first one to talk about the inquiry letter. Now, the CEO of ShapeShift, one of the leading cryptocurrency exchange platforms around the globe, Erik Voorhees has also shown his disapproval of the letter.
The NY Attorney General recently sent an inquiry letter to 13 cryptocurrency exchanges as a Virtual Markets Integrity Initiative in order to improve the transparency and accountability of cryptocurrency platforms to protect the virtual investors.
The letter was sent to top exchanges such as Coinbase, Gemini, Bitfinex, Poloniex and Binance. The inquiry has questions regarding the ownership and control, basic operations and fees, trading policies and procedures, outages and other suspensions of trading, internal controls, privacy and money laundering, protection against risks to customer funds and written materials such as current terms and conditions.
The CEO of Kraken openly stood against the inquiry saying that the inquiry is not only hostile to cryptocurrencies but also to hostile to business. Jesse adds that moving out of New York three years ago was a right decision for Kraken and its roadmap.
Jesse Powell tweets:
“Somebody has to say what everybody’s actually thinking about the NYAG’s inquiry. The placative kowtowing toward this kind of abuse sends the message that it’s ok. It’s not ok. It’s insulting.”
To which, the CEO of ShapeShift, Erik Voorhees says,
“Jesse – thank you for taking the ethical stance and speaking up for what’s right. Crypto has brought more transparency to finance and protection to consumers than the last 100 years of bureaucratic nonsense that has spilled from the sewers of New York.”
SchidMarx, a Twitterati says:
“For NY, it’s the comfort and safety of “what has always been”. They don’t want anything upsetting their cushy and corrupt system. Transparency leads to accountability, hence the stalling tactics (inquiries, subpoenas, etc). The tipping point is coming.”
Kevin Thompson, a start-up network marketer says:
“Schneiderman is a troll. AG in NY stands for ‘Aspiring Governor.’ He’s not trying to protect consumers, he’s newsjacking on blockchain’s popularity.”
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WAVES/BTC sees dramatic drop to reach 1 Satoshi on Binance exchange due to a massive sell order
Waves, the 29th largest cryptocurrency, hit lows against BTC on April 17, and users speculated that this could have been due to a massive sell order.
Waves, at press time, was trading a $2.71 with a market cap of $270 million and had a trading volume of $15 million. However, on April 17, the price of Waves hit rock bottom due to a massive sell-off similar to one that Ethereum witnessed a few years back.
As seen in the above chart, the price of Waves against BTC hit exactly 0.0000001 BTC, which amounts to 1 Satoshi. The volume for the said candle is also massive, further confirming a sell order of massive amounts. The coin has since increased by approximately 3% against Bitcoin in under 24 hours.
Crypto enthusiasts on Twitter couldn’t hold back their opinions as one user, @BitBitCrypto tweeted
“- $WAVES did not trade at 1sat, it traded at 10sat
– It is still a great project and with a huge potential
– This sell order has nothing to do with WAVES (the project)
– This trade wasn’t done on Binance web cause you can’t place this low, it was API
– I didn’t buy it at 10 sat”
Another user @BITCVIX tweeted:
1min WAVES/BTC flash crash on Binance (from 5200 sats to 1 sat) pic.twitter.com/C9WAGyjwp9
— BTCVIX (@BTCVIX) April 17, 2019
TradingView commented on this matter saying:
“Something strange is always happening in the #crypto market”
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