Breach of New York will have cryptocurrency regulation?

In a recent New York Department of Justice report, the businesses of crypto exchanges operating in the state are being scrutinized. With Binance and Kraken, two of the world’s largest crypto exchanges had evaded this control mechanism. Together with the smaller colleague Gate.io they were now forwarded to the New York Ministry of Finance for closer examination.

Last April, the Department of Justice of the US state of New York launched a large-scale investigation into the major crypto exchanges . Thus, the Ministry of Justice sent a questionnaire with a total of 34 points to 13 different crypto exchanges. The subject of the investigation, which was based on the voluntary cooperation of the affected crypto exchanges, included Binance, Bitfinex, Bittrex, Coinbase and Kraken.

Four of the 13 crypto exchanges requested in April refused to participate in the investigation. For example, the trading platforms Binance, Huobi and the slightly smaller crypto exchange Gate.io said they had no business in New York. Kraken CEO Jeff Powell protested loudly, calling the Justice Department’s request “impudence” and confirmed in the decision to leave New York three years earlier.

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The four stock exchanges thus escaped a more detailed analysis by the Ministry of Justice. Instead, the ministry investigated whether Binance, Kraken, and Gate.io are actually involved in New York business. In order to investigate a possible break in New York cryptoregulation, the cases were therefore transmitted to the competent authority. Binance, Kraken and Gate.io have to answer to the New York Ministry of Finance.

In addition, most other platforms were more cooperative. After several months of observation, New York Justice Minister Barbara Underwood presented the ” Virtual Markets Integrity Initiative Report ” to the public. The report shows that even the examined stock exchanges do not all meet the standards of the federal state. As a result, many crypto exchanges were vulnerable to market manipulation and had weaknesses in internal control and activity monitoring. These findings should also fuel the debate over the emergence of decentralized exchanges in the crypto community.

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