New York Attorney General, Eric T. Schneiderman, Launched the “Virtual Markets Integrity Initiative”.

    2018/04/17 16:55 Angel lv Created with Sketch.
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Cointime (April 17) — According to the press release on April 17th, New York Attorney General, Eric T. Schneiderman, launched something called the Virtual markets Integrity Initiative.

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The initiative’s mission is to inquire the policies and practices of cryptocurrency exchange platform. The Attorney General’s Office hoped to increase transparency and accountability.

It also aimed to ensure enforcement agencies, investors, and consumers have the information to understand the practice and the risk of cryptocurrency investment. More often than not these cryptocurrency exchanges lacked the basic market protection of traditional investing platforms. Thus cryptocurrency exchange theft became more prevalent in recent years.

The press released presented their first step in the initiative,

“[The] Attorney General’s office sent letters to thirteen major virtual currency trading platforms requesting key information on their operations, internal controls, and safeguards to protect customer assets.”

The letters urged the companies to protect the interest of New York residents. The letter further explained the concern the office had regarding bitcoin, ether and other virtual currencies.

The letter also included a questionnaire. The questionnaire focused on six major topics.

(1) Ownership and Control

(2) Basic Operation and Fees

(3) Trading Policies and Procedures

(4) Outages and Other Suspensions of Trading

(5) Internal Controls

(6) Privacy and Money Laundering.

The press release described these topics as fundamental aspects of cryptocurrency exchanges. And some are issues that have already attracted public attention.

Attorney General Schneiderman summed up,

“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms. Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve.”



    Adapted from: CoinTime Executive editor: Angel
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