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Binance, Gate.io, and Kraken may be illegally conducting business in New York

Binance, Gate.io, and Kraken may be illegally conducting business in New York
Sep 19, 2018 by Rico Wise

Barbara Underwood, the New York State Attorney General, has expressed suspicions concerning Binance, Kraken, and Gate.io cryptoexchanges, which may potentially be unlawfully operating in the state of New York. The news came with the recently revealed Virtual Markets Integrity Initiative Report coming from Ney York’s OAG.

According to the report, the OAG shares its doubts regarding the lawfulness of trading activities carried out by cryptoexchange networks, specifically concerning security issues, internal supervision, protocols of market surveillance, and various other important client and financier protections.

Previously, the OAG has been reported to distribute a questionnaire among 13 cryptoexchanges, along with businesses that were not active in New York. These companies were approached to participate in the Virtual Markets Integrity Initiative, focused on facilitation of improved level of transparency in operations of the said exchanges. The 13 comprised of Huobi.Pro, Gemini, itBit Trust Company, Bitstamp USA, bitFlyer USA, GDAX, Bitfinex, Bittrex, Kraken, Binance, Gate.io, Tidex, and Poloniex.

Subsequent to the AOG’s letter, Jeff Powell, the chief executive of Kraken cryptoexchange, has accused the Office of disrespectful demands and entitlement, claiming that moving out of New York three years ago was the correct idea. The report also points out that Huobi, Binance, and Gate.io refused to take part in the initiative, claiming to have no trading activities going on in New York. However, the investigation results suggest that Gate.io, Binance, and Kraken should be forwarded to the Department of Financiel Services for further and more thorough inquiry.

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