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Tuesday, April 17, 2018

NY Attorney General targets 13 exchanges in inquiry including Coinbase, Binance, Bitfinex and Gemini...

New York Attorney General Eric Schneiderman today launched what he's calling "Virtual Markets Integrity Initiative" - a fact finding inquiry to learn how cryptocurrency exchanges are running behind the scenes, by requesting "Disclosures on Their Operations, Use of Bots, Conflicts of Interest, Outages, and Other Key Issues".

Schneiderman said today on twitter:

"Today, we sent letters to 13 major cryptocurrency platforms requesting key information on their operations, use of bots, conflicts of interest, outages, and other key issues.  Too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms. Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency investors and consumers deserve."

The information was requested from the following 13 exchanges: Coinbase, Gemini,  bitFlyer, Bitfinex, Bitstamp, Kraken, Bittrex, Poloniex, Binance, Tidex, Gate.io, itBit, and Huobi.

So far, the Winklevoss twins (owners of the Gemini exchange) are the only ones to issue a response, stating to CNBC:

"Gemini applauds the Attorney General's focus on this industry and the Virtual Markets Initiative, and we look forward to cooperating with and submitting our responses to the questionnaire that has been circulated".

The Attorney General's office has requested the questionnaire which can be viewed in full here, be returned completed by the exchanges by May 1st.
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Author: Ross Davis
San Francisco News Desk