The virtual currency trading platforms that were sent the letter were: 1 Coinbase, Inc. Kraken ; 7 Bittrex, Inc. The outcome The results of the report can be summarised into three key findings: 1. Virtual asset trading platforms often engage in several lines of business that would be restricted or carefully monitored in a traditional trading environment.
Platforms often serve i as venues of exchange, operating the platform on which buyers and sellers trade virtual and fiat currencies; ii in a role akin to a traditional broker-dealer, representing traders and executing trades on their behalf; iii as money-transmitters, transferring virtual and fiat currency and converting it from one form to another; iv as proprietary traders, buying and selling virtual currency for their own accounts, often on their own platforms; v as owners of large virtual currency holdings; and, in some cases, vi as issuers of a virtual currency listed on their own and other platforms, with a direct stake in its performance.
Additionally, platform employees — who may have access to information about customer orders, new currency listings, and other nonpublic information — often hold virtual currency and trade on their own or competing platforms. Each role has a markedly different set of incentives, introducing substantial potential for conflicts between the interests of the platform, platform insiders, and platform customers. Though some virtual currency platforms have taken steps to police the fairness of their platforms and safeguard the integrity of their exchange, others have not.
Platforms lack robust real-time and historical market surveillance capabilities, like those found in traditional trading venues, to identify and stop suspicious trading patterns. There is no mechanism for analyzing suspicious trading strategies across multiple platforms. Indeed, certain trading platforms deny any responsibility for stopping traders from artificially affecting prices. Those factors, coupled with the concentration of virtual currency in the hands of a relatively small number of major traders, leave the platforms highly susceptible to abuse.
Only a small number of platforms have taken meaningful steps to lessen those risks. Generally accepted methods for auditing virtual assets do not exist, and trading platforms lack a consistent and transparent approach to independently auditing the virtual currency purportedly in their possession; several do not claim to do any independent auditing of their virtual currency holdings at all. Customers are highly exposed in the event of a hack or unauthorized withdrawal.
While domestic or foreign deposit insurance may compensate customers for certain losses of stolen or misappropriated fiat currency, no similar compensation is available for virtual currency losses. There are serious questions about the scope and sufficiency of the commercial insurance that certain platforms purport to carry to cover virtual asset losses.
Other platforms do not insure against virtual asset losses at all. Who traded on insider information and what is being done to prevent manipulation by NewYorkStateAG employees? In a blog post on Thursday afternoon, Coinbase Chief Legal Officer Paul Grewal denied that the company denied that these assets were securities, and said "Coinbase does not list securities on its platform.
Attorney's release also says that Ishan Wahi attempted to flee to India ahead of a scheduled interview by Coinbase's security department, but was prevented by law enforcement from leaving. And the Southern District of New York will continue to be relentless in bringing fraudsters to justice, wherever we may find them. Correction: Damian Williams is U. An earlier version misspelled his first name.
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