Just read New York AG Report Faults Crypto Exchanges for Manipulation Risks

New York AG Report Faults Crypto Exchanges for Manipulation Risks

The New York Office of the Attorney General (OAG) has released a report on cryptocurrency trading platforms, finding that many are vulnerable to market manipulation and referring several exchanges to another agency for potential violations of state law. The newly-released Virtual Markets Integrity Initiative report drew issue with a number of practices put in place by the exchanges, including methods for monitoring and preventing market manipulation. Indeed, the report states that several crypto trading platforms told the OAG that "it was impossible" to monitor or prevent market manipulation occurring on multiple platforms, meaning that exchanges are limited in their efforts to "police abusive activity." "A platform cannot take action to protect customers from market manipulation and other abuses if it is not aware of those practices in the first place." However, the Kraken platform's public response is alarming.

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Wednesday, September 19, 2018