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New York will investigate cryptocurrency exchanges

New York will investigate cryptocurrency exchanges

It appears that New York is taking the initiative to progress in ways to deal with cryptocurrency. The state’s attorney general, Eric T. Schneiderman, has sent letters to 13 virtual currency exchanges on Tuesday requesting specific disclosures about how each is managing their business.

There’s also the launch of Virtual Markets Integrity Initiative, started by Schneiderman’s office, and its purpose is described as “a fact-finding inquiry into the policies and practices of platforms used by consumers to trade virtual or ‘crypto’ currencies like bitcoin and ether.”

These days, many people are investing their money into cryptocurrencies, so Schneiderman’s office believes that these people have the right to transparency and accountability from these exchanges, which more often than not don’t make things clear to consumers as they should be.

Scammer-type activities have been reported such as thefts, sudden trading outages, and market manipulation, Schneiderman said, and that’s why it’s important for this information to be made available to the public.

Hamza Khalid

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