New York Attorney General Launches Inquiry Into Bitcoin Exchanges

New York launches a fact-finding inquiry into Coinbase Binance and other exchanges

Taylor Hatmaker

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Cryptocurrency exchanges match buyers and sellers of virtual currencies. These entities tend to operate with much less transparency than platforms for trading conventional assets, like securities or derivatives (see "What the Coincheck hack means for the future of blockchain security"). The state's attorney general, Eric T. Schneiderman, has sent letters to 13 virtual currency exchanges on Tuesday requesting specific disclosures about how each is managing their business. "Yet too often, consumers don't have the basic facts they need to assess the fairness, integrity, and security of these trading platforms", said Schneiderman.

New York Attorney General Eric Schneiderman sent letters to 13 cryptocurrency exchanges with a long questionnaire (read it here) that wants details on ownership, policies, fees, internal controls, procedures and customer protection.

The State Attorney General is launching an inquiry into cryptocurrency exchanges.

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

The initiative aims to protect cryptocurrency investors and consumers by boosting the transparency and accountability of the digital trading platforms.

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In a statement, Gemini CEO Tyler Winklevoss said his company "applauds" the Attorney General's inquiry, stating that "we look forward to cooperating with and submitted our responses to the questionnaire". Buying and trading cryptocurrencies should be considered a high-risk activity.

"Moreover, published reports indicate the sector has attracted fraudsters, market manipulators, and thieves", Schneiderman wrote.

Coinbase suspended its own trading of bitcoin cash, an alternative version of bitcoin, in December 2017 after seeing a wild price increase on other exchanges before its launch on Coinbase.

It's no secret that excitement bubbling in the cryptocurrency space has dominated headlines in the months and days leading up to bitcoin's high of just over $19,000 in December of a year ago. Ethereum reached a high of $1,366.29 on January 10, but has since dipped back to $505.25 as of 6:51 p.m. EST on Tuesday, according to data from Coinmarketcap.

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