Cryptocurrency exchanges need to make transparency a greater priority, the New York Attorney General’s office said on Tuesday.
In a letter addressed to 13 cryptocurrency exchanges, New York Attorney General Eric Schneiderman’s office requests that companies provide information on a range of topics related to the operation of their trading platforms.
“Representing a technological advance, a medium of exchange, and an investment opportunity all at once, virtual currencies are inspiring innovators, entrepreneurs, and investors—and are fueling an increasingly diverse ecosystem of companies and applications,” the AG’s office wrote in the letter. “But virtual currency is also a highly speculative sector, featuring significant volatility, instability, and risk. Moreover, published reports indicate the sector has attracted fraudsters, market manipulators, and thieves.”
According to the AG’s office, the 13 exchanges that received letters are: GDAX, Gemini, bitFlyer USA, Bitfinex, Bitstamp USA, Kraken, Bittrex, Poloniex, Binance, Tidex, Gate.io, itBit Trust Company, and Huobi.Pro.
Enclosed with each letter was a 34-point questionnaire, which exchange operators were instructed to complete in full by May 1. Many of the questions are quite in-depth, probing the exchanges about specific policies and procedures related to trading, information about banking relationships and insurance. The AG’s office said it plans to publish the information “in a publicly accessible format” for the benefit of consumers.
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