US Authorities Launch Major Probe Into Crypto Exchanges

Crypto exchanges are encountering a ton of regulatory strictness all around the globe. The most recent step is taken by the Attorney General Office of the New York as an effort to curb down the money laundering activities identified with digital currency and to ensure the client interest.

The Attorney General, Eric Schneiderman reported of an initiative called Virtual Markets Integrity Initiative which is a state-level effort to examine the practices and policies of the major crypto exchanges keeping in mind the end goal to keep up more transparency and make the procedure of digital currency trading and selling more streamlined.

A letter has been sent to an aggregate of 13 crypto exchanges asking for them to give the data on various issues including operations, outrages, conflicts of interests, utilization of bots among different issues. However, Schneiderman stresses it to be only a “fact-finding inquiry” rather than an investigation.

Schneiderman states in the Press Release:

“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms.”

He additionally discussed his drive:

“Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve.”

Binance, Coinbase, Gemini & 10 other crypto exchanges are being probed

With regards to defending the customer rights in New York, the office of Schneiderman has always been ahead of schedule to step up. In this way, it’s nothing unexpected that once again the office has approached to conduct a digital currency inquiry.
A standard questionnaire has been addressed to a portion of the biggest exchanges. The rundown of these 13 exchanges incorporate Coinbase, Binance Ltd., Gemini Trust Company, iFinex Inc. (Bitfinex), Payward Inc. (Kraken), Bittrex Inc., Huobi Global Limited (Huobi.Pro), bitFlyer, Circle Internet Financial Limited (Poloniex LLC), Bitstamp USA, itBit Trust Company, Gate Technology Incorporated (, and Elite Way Developments LLP (

The questionnaire has eight noteworthy categories that look for basic data about company’s operations, proprietorship, the breakdown of fees, and against tax evasion precautionary measures.

The reason for this fact-finding mission is to investigate matters that have the potential for sudden trade outrages and market manipulation among different issues.

This inquiry by the New York may be viewed as a threat by a few while different exchanges are requiring it in stride as this effort for expanded transparency can help in a more attentive regulatory approach than a more tightly one.


Time limit is exhausted. Please reload CAPTCHA.