New York Attorney General Finds Exchanges Prone to Manipulation

New York Attorney General Finds Exchanges Prone to Manipulation

The New York State Attorney released results of their fact-finding investigation: Virtual Markets Integrity Report.

Thirteen cryptocurrency exchanges were invited to participate in the investigation by submitting voluntary information disclosures. Among the thirteen exchanges are Bitfinex, Bitstamp, Coinbase, Gemini Trust, HBUS, itBit, Poloniex, and Tidex. Four exchanges claimed they are not operating within New York, thus refused to participate. The four are Huobi Global, Binance, Gate.io, and Kraken. Claims aside, the latter three was said to probably be illegally conducting business in the city.

Barbara Underwood, NY AG, highlights the necessity of exchanges to be transparent and accountable to resident investors of New York. She further states that a number of exchanges are short of having policies that would safeguard their own integrity, fairness, and security. Basic consumer protections are absent from most exchanges. And because of this, the cryptocurrency market has a high chance of being manipulated.

Crypto exchanges have also failed to monitor, prevent, or end manipulative trading.

Virtual exchanges are found to be guilty of conflicts of interest by engaging in other businesses that would impede on the respective roles they should perform. Often, a platform functions as a digital venue where the exchange happens, and they also take the role of a broker-dealer and execute trades in lieu of the traders.

The 32 page report concludes that the Office of the Attorney General will continue on watching and protecting New Yorkers from corrupt and dishonest business practices in the rising cryptocurrency market.

Related news

Binance announces mainnet Heisenberg hard fork upgrade schedule

Following the successful testnet Heisenberg upgrade, Binance Chain validators have now agreed on a scheduled hard fork upgrade at block height 51,467,800. According to the official blog post for the BThe post Binance announces mainnet Heisenberg hard fork upgrade schedule appeared first on AMBCrypto.
AMBCrypto

Stellar Development Foundation Transfers 50 Million XLM Tokens to Kraken; Dump Incoming?

The Stellar community has expressed dissatisfaction via twitter after the crypto project transferred 50 million XLM tokens to Kraken coin exchange from its Development Foundation. Stakeholders are speculating that investors will follow suit and dump their tokens leading to a plunge in the XLM value. According to a tweet by the Whale Alert, over $3.6 […]
Bitcoin Exchange Guide

Ethereum and Binance Coin to Lead Next Major Rally as Altcoin Season Looks to Prevail

Bitcoin has been outperforming most cryptocurrencies throughout this whole year. Bitcoin’s total market capitalization dominance has been increasing dramatically since January 2018 when it was only at around 30%. Bitcoin reached 50% dominance in January of 2019 and almost broke above 73% only 2 months ago. There has been a lot of discussions about when will altcoins take over or if they will take over at all. Currently, the market seems to be simply following Bitcoin’s steps but what would it take for altcoins to finally get away from Bitcoin? The main reason Bitcoin is so dominant is the fact that it holds most of the cryptocurrency pairs and fiat pairs. A new investor that wants to buy a new cryptocurrency will need to first buy Bitcoin or one of the few major cryptocurrencies in order to exchange it for the one he wants. What are Market Pundits Saying? It does seem that in the past few months, some of the larger cap coins have been exceeding Bitcoin’s performance, BNB has been a clear example throughout the whole year but has slowed down significantly. A crypto pundit Gautam Chhugani tweeted recently about his unpopular opinion of how altcoins will lead the next rally and Bitcoin will simply follow. Unpopular call: Alts will show Bitcoin the way this time. ETH, BNB will lead the rally. Bitcoin will follow. This tweet really started to gain traction when Changpeng Zhao, CEO of Binance, responded with: Popular with me. pic.twitter.com/XnIvE9Wmc6 — CZ Binance (@cz_binance) November 17, 2019 Now, this isn’t necessarily a very objective view as CZ wants altcoins to thrive because of BNB, however, other analysts have also mentioned the possibility of a new altcoin season. CryptoBitLord, a cryptocurrency trader, has said in the past that he believes the bottom for altcoins is in and this is the time to ‘go all in’ if you are into it for the long term prospect. Blockchain advisor and crypto trader, Rand has said something quite similar as well, Inference The sentiment does seem to be positive about altcoins, however, Bitcoin’s dominance is still really high even after losing 4% in the past month. Altcoins still need to prove a lot and it will be puzzling, especially with Bitcoin’s halving coming up soon. Either way, a bull run will avail everyone, altcoins, and Bitcoin. The post Ethereum and Binance Coin to Lead Next Major Rally as Altcoin Season Looks to Prevail appeared first on ZyCrypto.
ZyCrypto

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.