Attorney General Eric Schneiderman’s office, New York writes a letter addressing that the companies should provide more accurate and clear information on a topics related to the operation of the trading exchange platforms. On Tuesday Attorney General’s office of New York said that the companies should first make the crypto currency exchange more clear.
With the upbringing of new technology, crypto a new medium of exchange, new investors, innovators and entrepreneurs are inspired to invest in it as, it is best opportunity for the fresher’s to invest in it~ and it is increasing different system of companies and its operations. As, a report says that there are many thieves, market manipulators and fraudsters attached to this sector as it concerns of virtual currency which is extremely tentative sector, having very significant volatility, instability and risk in it ‘’the AG’s office wrote in their letter. ‘’
There are 13 exchanges according to AG’s office who received this letters are: Kraken, Bittrex, Polo niex, Binance, Tidex, Gate.io, it Bit Trust Company, and Huobi Pro, GDAX, Gemini, bitFlyer USA, Bitfinex, Bit stamp USA. They issued a letter against all 13 exchanging platform in which their written 34-point questionnaire, which is needs to be filled till 1st may 2018. Many questions are asked deep in details: questioning of exchanges about the definite policies and procedures related to trading, KYC/AML practices and the information about banking and insurance the following information is asked to fill this ‘’publicly accessible format” for consumers welfare. This new virtual market Integrity Initiatives is a key term of Schneider man’s which is planned to secure the financial market and new investors”.
Schneider man started that “The new investors themselves need to access the security, integrity and fairness of the exchange as consumers of New York and across the country who will invest their money have a right to ask questions and to be more clear about exchanges and its accountability”. Only a very less number of companies has obtained Bit License in past many years. As New York is already a most inflexible regulatory country intended for crypto currency business which has introduced licensing process in year 2014 led to the New York Business Journal depict as the “Great Bitcoin Exodus”.
Gemini has also created self-regulatory body like Cameron and Tyler Winklevoss (the co-founder of crypto currency exchange) of New York who has governed, established and which is currently regulated in the country but mainly regulated at state level for best practices for an imperfect industries.