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Alternative Market Briefing

New York Attorney General Report: Cryptocurrency exchanges lack "fairness, integrity, consumer protection and security"

Wednesday, September 19, 2018

Laxman Pai, Opalesque Asia:

Major cryptocurrency exchanges are vulnerable to price and market manipulation, conflicts of interest, and other consumer risks, says a new report published by the New York Attorney General's office (OAG) yesterday (September 18).

The report, released after a months-long investigation by the OAG, states that Cryptocurrency exchanges lack standard consumer protections that come with established financial markets.

According to a report from OAG, the exchanges themselves are not doing enough to protect their customers. The exchanges referred are Binance, Gate.io, Huobi, and Kraken.

The 32-page "Virtual Markets Integrity Report" highlights issues of "transparency, fairness, and security" in cryptocurrency trading details all the ways in which major exchanges fail to guard their customers against fraud, manipulation, and abuse.

OAG points out the lack of regulation and supervision within the crypto exchange ecosystem, singling out Kraken for its "alarming" response to the initial letter.

The in-depth look at 13 exchanges says: "The OAG could not review the practices and procedures of non-participating platforms (Binance, Gate.io, Huobi, and Kraken) concerning manipulative or abusive trading. However, the Kraken platform's public response is alarming. In announcing the company's decision not to participate in the Initiative, Kraken declared that market manipulation "doesn't matter to most crypto traders," even whi......................

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