New York Attorney General Begins Probe of Major Cryptocurrency Exchanges

As indicated by a recent CNBC report, New York Attorney General Eric Schneiderman is as of now investigating 13 different Cryptocurrency exchanges. A standout amongst the most well-known Bitcoin wallets, Coinbase, is also being explored. With respect to the investigation, Schneiderman said “Too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms”,

The exchange will be compelled to supply data of its tasks, safety measures, and internal controls. Over the most recent couple of months, programmers and cybercriminals have focused on more cryptocurrency trades with a specific end goal to take clients’ assets. Schneiderman trusts that this investigation will make Cryptocurrency trades more transparent and secure for their benefit of clients.

Most trading platforms were prepared to hand over the information to Schneiderman, yet one trader chose to not go along. As per a CNBC report, Kraken, one of the greatest cryptocurrency trades worldwide, won’t hand over the asked for data.

The CEO and fellow benefactor of Kraken, Jesse Powell, stated: “The resource diversion for this production is massive. This is going to completely blow up our roadmap! Then I realized we made the wise decision to get the hell out of New York three years ago and that we can dodge this bullet”.

The Kraken CEO also included: “Ordinarily, we’re happy to help government understand our business; however, this is not the way to go about it. Kraken left New York because New York is hostile to crypto and this ‘questionnaire’ we received today proves that New York is not only hostile to crypto, it is hostile to business”.

Most cryptocurrency trading platforms have left New York since they were required to acquire a BitLicense to allow them to operate in the Big Apple.