New York Attorney General Eric Schneiderman has launched an investigation into cryptocurrency exchanges in the hopes of providing transparency and accountability to a marketplace that frequently operates in a black box.
The AG has sent letters to 13 major virtual currency trading platforms, asking for information about their operations, internal controls, and consumer protections. Platforms include Coinbase, bitFlyer, Bitstamp, and the Winklevoss twins’ site, Gemini Trust.
“[T]oo often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms,” Schneiderman said in a statement.
#BREAKING: I am launching an inquiry into cryptocurrency exchanges.
Bitcoin, ether, and other virtual currencies are on the rise in NY and across the country. We need transparency and accountability to ensure consumers are protected. https://t.co/AXfIgUGATq pic.twitter.com/QZDBkga0tL
— Eric Schneiderman (@AGSchneiderman) April 17, 2018