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Attorney General’s report implies Binance, Kraken might be violating New York crypto laws
Crypto exchanges Binance, Kraken and Gate.io might be running their operations in violation to cryptocurrency regulations of New York. New York State Attorney General Barbara Underwood mentioned the names of these exchanges to the state’s Department of Financial Services (NYDFS).
Apart from Binance, Kraken and Gate.io, who else participated?
The OAG reached out to exchanges for “voluntary participation” in the report. VBitfinex, bitFlyer USA, Inc., Bitstamp, Bittrex, Coinbase, Gemini Trust Company, itBit, Poloniex, and Tidex responded to the call of OAG. They were called to help people with “much-needed clarity regarding basic practices and functionality”. Of the nine participants, four platforms – Binance, Gate.io, Huobi Global and Kraken stated that they do not permit trading from New York State and denied participation. The OAG carried out investigations to check if the four platforms were conducting any trades from the state. After the investigation, the OAG has reported Binance, Gate.io, and Kraken to the Department of Financial Services for potential violation of cryptocurrency regulations in New York. The report details the concerns initially raised by the OAG about the operations of cryptocurrency exchanges, including those regarding security, internal controls, market surveillance protocols, and other related consumer and investor protections. SEE ALSO: “Exciting times ahead” for Mongolia, says Cardano founder Charles Hoskinson, as it decides to employ blockchain SEE ALSO: Nano sees sunny days, gets enlisted on KuCoin Plus Trading Area and Blocktivity Image via Shutterstock Join our Telegram group