RATE Group | Cryptocurrency exchanges hit back at critical NY AG report
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Cryptocurrency exchanges hit back at critical NY AG report

22 Sep Cryptocurrency exchanges hit back at critical NY AG report

Posted at 00:28h in Cryptocurrency News by

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Some of the world’s largest cryptocurrency exchanges have hit back after the New York attorney-general’s office published a report saying the sector was rife with conflicts of interest and did not do enough to prevent market manipulation and protect investors. 

Earlier this week, a report headed by the state’s legal chief found that there were “pervasive conflicts of interest” among cryptocurrency trading platforms, including some undertaking high levels of proprietary trading on their own venue or allowing employees to trade on their platforms. 

In a section of the report entitled “proprietary trading by platform operators”, the attorney-general said that big US exchange Coinbase had disclosed to it that nearly 20 per cent of its trading volume “was attributable to its own trading”. The equivalent figures for bitFlyer USA was 10 per cent, it said. 

The report, which sought information from 13 platforms as part of a fact-finding mission as the state ramps up…

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