Crypto Exchanges at Risk of Manipulation, NY Attorney General Says
In a report last Tuesday, the New York Attorney General’s office said that a number of digital currency exchanges do not have the necessary policies and procedures to prevent manipulation and ensure the protection of customer funds.
The office, which launched its Virtual Markets Integrity Initiative last April, had already requested 13 platforms to share information on their practices. However, four declined to participate, saying that they did not trading within the state of New York.
Three of the exchanges: Binance, Kraken and Gate.io are now being reviewed by New York’s Department of Financial Services (NYDFS) upon the behest of Attorney General Barbara Underwood to see if cryptocurrency are allowed to legally operate in the state.