Eric Schneiderman asked currencies of 13 trading platforms for Crypto. The attorney General of the state of New York has sent a questions-catalogue of the platforms. The evaluation of the answers will help to protect the users of the platforms.
17. April founded Schneiderman, the Virtual Markets Integrity Initiative. The aim of the Initiative is to improve transparency and accountability in the case of Exchange platforms. To Schneiderman in a Statement, says:
“With the rise of crypto-currencies buyer in New York and across the country have a right to transparency and accountability, if you invest your money. Nevertheless, buyers are too often lacking in basic Knowledge you will need in order to assess the Fairness, integrity, and security of these trading platforms.“
Action by attorney General Schneiderman
To gather this basic Knowledge, sent Schneiderman Questionnaires on 13 different crypto exchanges. These have to 1. May have time to answer 34 questions. In this example, the structure of the company, offerings and fees, as well as safety precautions. The full question catalogue, click here. The following platforms has contacted Schneiderman:
- 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 (The Gate.io)
- itBit Trust Company
- Huobi Global Limited (Huobi.Pro)
Worried about Hacks and market manipulation
Schneider Mans the Initiative is understood as the fact-Finder in a “highly speculative sector, with strong volatility, instability and risk.” Further, it is stated in the Statement: “reports indicate that the sector has attracted fraud, market manipulation, expensive, and thieves.” However, it is important to proceed:
“Ensure that enforcement authorities, investors, and buyers have the information to understand the practices and risks on these platforms is crucial. The show reports on the theft of large sums of virtual currency between user accounts, sudden and bad trading failures, market manipulation, and difficulties in the disbursement of funds said.“
Also Ripple calls for regulation
Schneiderman revealed a critical look at cryptographic currencies. To respond to this however, with a rejection, but rather to make an inventory, however, is a good step. Only in this way, it is possible to tackle problems, and the acceptance of crypto-currencies. Also, the attorney General is in order, in the sense of Ripples. The blockchain-based payment network, has recently demanded an end to the Wild West days in the crypto world.