Kraken, cryptocurrency, and a decline in New York’s power?
The New York Attorney General’s office has words for exchanges such as Kraken this week. But what power does it have, when exchanges give New York a miss? The recently published report from New York Attorney General Barbara Underwood following an investigation into cryptocurrency platforms made for worrying reading for many. Those on the outside […]
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New York Government Says Exchanges Are Manipulated; Kraken Fires Back
The New York Attorney General’s office dropped a bombshell report this week in which it announced its findings of cryptocurrency exchange manipulation. Its published document said that crypto exchanges do not… Continue reading "New York Government Says Exchanges Are Manipulated; Kraken Fires Back"
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Kraken Launches New Feature Designed for High Volume Traders
A new addition has been announced by the crypto exchange Kraken. Investors trading $100,000 or more can enjoy a new service known as Block Trading Service. New BlockTrading Services at Kraken… Continue reading "Kraken Launches New Feature Designed for High Volume Traders"
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Binance And Kraken Might Be Violating The Regulations In New York
According to a report by New York’s Office of the Attorney General, cryptocurrency exchanges like Binance, Gate and Kraken are violating the rules and regulations regarding virtual currencies. The report generally concerns with the security, internal controls, surveillance protocols, and other consumer protections. Earlier this year, OAG sent a questionnaire to thirteen crypto exchanges, asking them to be a part of Virtual Markets Integrity Initiative, a step towards greater transparency in their operations. The exchanges were Gemini, bitFlyer USA, Bitfinex, Bitstamp USA, GDAX, Kraken, Bittrex, Tidex, Huobi.Pro, itBit Trust Company, Poloniex, Binance, and Gate.io. Nine of them replied positively, while the remaining four claimed that they don’t allow trade with the state. In response to the letter, Jedd Powell, CEO of Kraken, said that OAS’s showed disrespect and entitlement. As per the reports of OAG, Binance, Huobi, and Gate.io rejected to be a part of the initiative, saying that they do not permit trading from New York. OAG then did an investigation to find out whether these exchanges are actually not accepting any trades from New York or are they faking. Based upon the investigation, OAG forwarded Kraken, Binance, and Gate.io to go through a proper investigation on the matter of violating regulations regarding cryptocurrencies. According to CoinMarketCap’s data, Kraken is best known for the exchanges, with $133 million in daily volume. Binance is the largest in the world, with $1 billion. And, Huobi has $670 million in volume. Virtual Markets Integrity Initiative report highlighted five areas – Where the exchanges do business Trading policies of exchanges How exchanges manage conflicts of interest Security How they access consumer funds The reason why Kraken neglected to participate is pretty clear. In August 2015, Kraken left the administration, citing about the cost of state’s expanding BitLicence. Kraken said that it is a creature so cruel that not even they’re possessing the courage to face its nasty, big teeth. In April 2018, Jesse Powell refused to answer the questionnaire from the NY Attorney General. Despite the refusal of Kraken, the report concluded that, as per as the needs and experience, the customer should trade virtual currencies. Customers would do better if they avoid platforms that can’t even answer peacefully the questions asked in the report.
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