Cryptocurrency Exchanges Binance, Kraken May Be Operating Unlawfully in New York

[oksgvardukraine2018]

Cryptocurrency Exchanges Binance, Kraken May Be Operating Unlawfully in New York: AG Report
New York State Attorney General Barbara Underwood has referred three major cryptocurrency exchanges to the state’s Department of Financial Services (NYDFS) for potential violation of New York’s virtual currency regulations. The exchanges referred are Binance, Gate.io and Kraken. This was revealed in the Virtual Markets Integrity Initiative Report released earlier today by the Office of the New York State Attorney General (OAG).

The report details the concerns initially raised by the OAG about the operations of cryptocurrency exchange platforms, especially regarding security, internal controls, market surveillance protocols, and other relevant consumer and investor protections.

Cat and Mouse Game
Earlier in they year, CCN reported that the OAG sent out a letter with a 34-point questionnaire to 13 crypto exchanges, including some without active operations in New York, asking them to take part in its Virtual Markets Integrity Initiative aimed at fostering greater transparency into their operations. The 13 exchanges addressed were GDAX, Gemini, bitFlyer USA, Bitfinex, Bitstamp USA, Kraken, Bittrex, Poloniex, Binance, Tidex, Gate.io, itBit Trust Company, and Huobi.Pro.
https://www.ccn.com/cryptocurrency-exchanges-binance-kraken-may-be-operating-unlawfully-in-new-york-ag-report/

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1715286164

[justdimin]

They are not "operating unlawfully" at all, that sounds like they are doing some black market money laundering type stuff. It is not anything remotely like that.

The problem lies with the security of the website being properly adjusted for new york levels that attorney general requires. Which means attorney general thinks binance might be weak on security but I wonder if attorney general ever had to defend on people at the levels binance has managed.

Binance has been running a multi billion dollar trade volume for a year now and they have not even cracked the binance websites surface yet here is the AOG talking about security.

[audaciousbeing]

Cryptocurrency Exchanges Binance, Kraken May Be Operating Unlawfully in New York: AG Report
New York State Attorney General Barbara Underwood has referred three major cryptocurrency exchanges to the state’s Department of Financial Services (NYDFS) for potential violation of New York’s virtual currency regulations. The exchanges referred are Binance, Gate.io and Kraken. This was revealed in the Virtual Markets Integrity Initiative Report released earlier today by the Office of the New York State Attorney General (OAG).

The report details the concerns initially raised by the OAG about the operations of cryptocurrency exchange platforms, especially regarding security, internal controls, market surveillance protocols, and other relevant consumer and investor protections.

Cat and Mouse Game
Earlier in they year, CCN reported that the OAG sent out a letter with a 34-point questionnaire to 13 crypto exchanges, including some without active operations in New York, asking them to take part in its Virtual Markets Integrity Initiative aimed at fostering greater transparency into their operations. The 13 exchanges addressed were GDAX, Gemini, bitFlyer USA, Bitfinex, Bitstamp USA, Kraken, Bittrex, Poloniex, Binance, Tidex, Gate.io, itBit Trust Company, and Huobi.Pro.
https://www.ccn.com/cryptocurrency-exchanges-binance-kraken-may-be-operating-unlawfully-in-new-york-ag-report/

Operating illegally is a huge word that should not be used loosely at all and not at a time where volatility is more pronounced that a little rumour could turn something else. In the article, its very straight forward what is being requested by the OAG and for the mere fact that they had been recognised in the initial exercise carried out showed that its nothing related to illegality as suggested by the title of the thread. An investigation does not amount to being pronounced guilty its just a routine exercise that recommendations are suggested to better keep clients fund safe

[Hydrogen]

OAG sent out a letter with a 34-point questionnaire to 13 crypto exchanges, including some without active operations in New York, asking them to take part in its Virtual Markets Integrity Initiative aimed at fostering greater transparency into their operations. The 13 exchanges addressed were GDAX, Gemini, bitFlyer USA, Bitfinex, Bitstamp USA, Kraken, Bittrex, Poloniex, Binance, Tidex, Gate.io, itBit Trust Company, and Huobi.Pro.
https://www.ccn.com/cryptocurrency-exchanges-binance-kraken-may-be-operating-unlawfully-in-new-york-ag-report/

I would be interested to know if coinbase were excluded from their 34-point questionaire as it is not listed.

For US residents, there could be concern that regulatory practices will seek to establish a centralized monopoly where coinbase processes the vast majority of transactions. To help achieve this precedent, we could see a crackdown on exchanges like binance which cater to american customers. Kraken, I'm not familiar with. But if it turns out those 2 exchanges are the only ones out of the 13 which offer service to american customers, that might ring a few alarm bells.

It should also be noted that new york and california are statistically two of the most corrupt & dysfunctional states in the US. Any initiative coming from those two places should be subject to a higher degree of scrutiny.