Cryptocurrency exchanges Binance, Kraken, and Gate.io are facing regulatory scrutiny on suspicion of possible violation of state law, the New York Attorney General’s office said in a report published on Tuesday.
The state launched its Virtual Markets Integrity Initiative in April this year, asking 13 platforms to voluntarily share information about their practices, including internal controls and safeguards against market manipulation and fraud. Four of the exchanges - Binance, Kraken, Gate.io, and Huobi - claimed they do not allow trading from New York and refused to comply with the request.
In announcing the company’s decision not to participate in the initiative, Kraken declared that market manipulation “doesn’t matter to most crypto traders” e...
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