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 Partners with IdentityMind to Enhance Compliance and Data Security Measures

PALO ALTO, Calif., Mar. 26, 2019 /PRNewswire-PRWeb/ --  IdentityMind, a risk management and RegTech compliance platform with Know Your Customer (KYC) and Anti-Money Laundering (AML) services ('Digital Identities You Can Trust'), announced today its partnership with Binance, the world's leading cryptocurrency exchange by trading volume and users. As part of a joint mission to help raise the industry's standard, Binance and IdentityMind have begun undertaking steps to improve existing data protection and compliance measures for Binance's global operations. "The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it," said Samuel Lim, Chief Compliance Officer of Binance. "We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide." IdentityMind's platform enables digital currency exchanges to comply with KYC and AML regulations worldwide. IdentityMind's risk and compliance platform is the only real-time onboarding, transaction monitoring, ...Full story available on Benzinga.com
Benzinga

Binance Controversy, CFTC/Bakkt Update, Bitcoin XRP Ethereum Futures & Fake Bitcoin Volume

Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect And Store Your Crypto With A Ledger Nano: https://www.ledger.com?r=8af3ed38d3b7 ----------------------------------------------------------------------------- Buy Bitcoin And Ethereum With Fiat On Binance! https://www.binance.je/?ref=35009618 ----------------------------------------------------------------------------- Open An Account With Binance! https://www.binance.com/?ref=22170588 ------------------------------------------------------------------------------ Bitcoin Donations Address: 1BYhrLpntMYW97sd8K6fquTcr5MYwPAe2y Ripple (XRP) Donation Address: rsoKR5VHJx84oMTYbS7tWg7g5aFebYirVi Ethereum / KIN / OmiseGo Donation Address: 0x0e5f5CEFaA9A0713AB6D8F79E6679E22d86C21f6 -------------------------------------------------------------------------------- Follow Me On Facebook ! https://www.facebook.com/TheModernInvestor https://www.youtube.com/channel/UC-5HLi3buMzdxjdTdic3Aig Follow Me On Twitter: https://twitter.com/ModernInvest ---------------------------------------------------------------------------------- Very Special Thanks To My Patreon Supporters: Chris Charles Roman Geber David Chosrova Stuart Niven Larry Gooch Tyler Winklevoss NBKrypto Steven Harper Ulf Fatman Josefsson Mohammad Tabbaa Brian Vaci Jeffrey Pete Mozar Cryptocurrency Logic Jonathan Robert Kraus Josh Gorcyca ---------------------------------------------------------------------------------- Photo Credit To: https://images.ecosia.org/P8FXb139z0Y1p8s9U_bQ1Qz6ymI=/0x390/smart/https%3A%2F%2Fimg.huffingtonpost.com%2Fasset%2F5a3fd9232100003e005f5bb7.jpeg%3Fcache%3Dtxkl66ck1x%26ops%3D1910_1000
The Modern Investor

Hot news

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