The New York Office of the Attorney General (OAG) has released a report on cryptocurrency trading platforms, finding that many are vulnerable to market manipulation and referring several exchanges to another agency for potential violations of state law. The newly-released Virtual Markets Integrity Initiative report drew issue with a number of practices put in place by the exchanges, including methods for monitoring and preventing market manipulation. Indeed, the report states that several crypto trading platforms told the OAG that "it was impossible" to monitor or prevent market manipulation occurring on multiple platforms, meaning that exchanges are limited in their efforts to "police abusive activity.". "The industry has yet to implement serious market surveillance capacities, akin to those of traditional trading venues, to detect and punish suspicious trading activity," the NYAG report contended. The report also took aim at Kraken, which declined to participate and blasted the NYAG effort in a fiery public statement in April, stating: "The OAG could not review the practices and procedures of non-participating platforms. Notably, the report said that Binance, Gate.io and Kraken had been referred to the state's Department of Financial Services after an investigation into whether those exchanges are operating in New York. Based on this investigation, the OAG referred Binance, Gate.io, and Kraken to the Department of Financial Services for potential violation of New York's virtual currency regulations," We thank coinspectator.com and coindesk.com for sharing their latest news with the community!
Who else should know about the report from the OAG? Tag your blockchain & cryptobuddies on Kraken.com, Binance.com and Gate.io!
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