Additionally, the Attorney General explained that the Initiative aims to “promote accountability and transparency” in the cryptocurrency market.
AG Schneiderman is responsible for protecting consumers and ensuring the fairness and integrity of the financial markets.
The AG’s Office sent letter to cryptocurrency exchanges requesting important information the falls on six major topics:
- Ownership and control
- Basic Operation and Fees
- Trading Policies and Procedures
- Outages and Other Suspensions of Trading
- Internal Controls
- Privacy and Money Laundering
It requested the cryptocurrency exchanges to describe their policies on the operation of bots, limitations in the use and access to non-public trading information.
Furthermore, AG’s office asked cryptocurrency trading platforms to provide details about their procedures to protect customers’ fund from fraud, theft and other risks.
Cybercriminals stole at least $90 million worth of bitcoins last year
Earlier this year, USA Herald reported that cybercriminals are increasingly targeting bitcoin and other digital currencies.
