"Yet, too often, consumers don't have the basic facts they need to assess the fairness, integrity, and security of these trading platform".
Regulators have taken the next step in reining in cryptocurrency trading as the Office of New York State Attorney General has launched a fact-finding investigation into the operators of the leading cryptocurrency exchanges.
The initiative aims to protect cryptocurrency investors and consumers by boosting the transparency and accountability of the digital trading platforms.
Under the auspices of its Virtual Markets Integrity Initiative, the AG's office has sent letters to 13 virtual currency trading platforms requesting information about their operations, internal controls and safeguards to protect customer assets.
The initiative is only the latest attempt by New York State to regulate the cryptocurrency market.
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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.
Cryptocurrency exchanges match buyers and sellers of virtual currencies. They include Coinbase Inc., Gemini Trust Co., bitFlyer USA Inc., iFinex Inc., Bitstamp USA Inc., Payward Inc., Bittrex Inc., Circle Internet Financial Ltd., Binance Ltd., Elite Way Developments, Gate Technology Inc., itBit Trust Co. and Huobi Global Ltd. But virtual currency is also a highly speculative sector, featuring significant volatility, instability, and risk.
In a statement, Gemini CEO Tyler Winklevoss said his company "applauds" the Attorney General's inquiry, stating that "we look forward to cooperating with and submitted our responses to the questionnaire". Since then, bitcoin has had a much more volatile 2018, dropping more than 50 percent to $7,923.06 as of 6:49 p.m. EST on Tuesday. Ethereum reached a high of $1,366.29 on January 10, but has since dipped back to $505.25 as of 6:51 p.m. EST on Tuesday, according to data from Coinmarketcap.
Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.