Tuesday, 20 November, 2018

New York Attorney General launches inquiry into cryptocurrency

Schneiderman probes Winklevoss twins for bitcoin exchanges Modal Trigger Tyler and Cameron Winklevoss Neil Rasmus BFA REX Shutterstock
| 20 April, 2018, 01:54

In a written letter addressed to 13 cryptocurrency exchanges, New York Attorney General Eric Schneiderman's office appealed to companies to give information regarding their operations.

Schneiderman said that the major effort would be to look into digital currency exchanges that operate out of NY due to regulatory concerns.

The list of exchanges contacted is as follows: Coinbase, Inc.

Reports out today highlight new movements in the U.S. in what seems to be an investigation into cryptocurrency exchanges safeguarding procedures. (Bitfinex); Bitstamp USA Inc.; Payward, Inc.

Huobi Global Limited (Huobi.Pro). Trading platforms have until May 1 to respond.

Yet New York Attorney General Eric Schneiderman - who has been a major adversary to Trump and his administration - is indicating that a provision in New York state law could prevent him from prosecuting Trump's associates who may receive presidential pardons from the president.


"We continue to embrace thoughtful regulation and collaboration on our mission to help build the future of money", they said in a statement quoted by the New York Post. "Virtual currencies are inspiring innovators, entrepreneurs, and investors - and are fueling an increasingly diverse ecosystem of companies and applications". Buying and trading cryptocurrencies should be considered a high-risk activity. Additionally, there are also reports of market manipulation by big players, referred to as whales.

The Attorney General stated that the rationale behind the questionnaire was to " protect consumers and ensure the fairness and integrity of the financial markets". Law § 349; N.Y. Gen. Bus.

The Investor Protection Bureau sent questionnaire letters to the USA entities of Coinbase, Gemini, bitFlyer, Bitfinex, Bitstamp, Kraken, Bittrex, Poloniex, Binance, Tidex, Gate and Huobi.

He went on to add that by implementing this new initiative, the government will be able to promote a higher level of accountability within the virtual currency marketplace, thereby allowing investors and consumers to be more relaxed when operating within this volatile domain. She argued that the state was requesting "very basic" information that should be ready on-hand for any credible platform to share with its investors. As a contributor to Billionaire 365, Jackson mostly covers markets and trade. The inquiry aims to review information on how the exchanges operate, their internal procedures, protection of customer assets and any overall conflicts of interest.

Schneiderman, a Democrat in his eighth year as attorney general, has made his office a central figure in blue state challenges to Trump, tangling with the Republican president on such matters as consumer finance, the environment, immigration and the 2020 census.

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