• Mon, 27 May 2019, 12:08 AM
  • All times are UTC
  • Edition:
Link copied

Kraken hits back at New York Attorney General’s approach towards crypto businesses

Thu, 20 Sep 2018, 11:26 am UTC

This week, the OAG published a report on the results of the Virtual Markets Integrity Initiative launched in April 2018. Kraken, which was one of the 13 crypto trading platforms that received a letter from the OAG, denied responding to the request to furnish key information on their operations, internal controls, and safeguards to protect customer assets.

In the report, the OAG said that it has referred three platforms – Binance, Gate.io, and Kraken – to the New York State Department of Financial Services (NYDFS) for possibly operating unlawfully in New York.

The Attorney General’s office highlighted Kraken’s public response on the matter, calling it “alarming.” It said, “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 while admitting that “scams are rampant” in the industry.”

It’s important to point out here that Kraken suspended its services in New York back in 2015 due to the state’s BitLicense and strict regulations. Kraken CEO Jesse Powell issued an official statement on the matter in April:

In an official response to the report, Powell said in a tweet:

Further responding to queries by other Twitter users, Kraken said it would have “sacrificed all the resources required to answer all the questions, missing other deadlines, delaying product improvements. Without knowing what the business trade-offs/opportunity cost was, it's a harsh judgement to make.”

It added, “…We don't serve NY and therefore could not possibly be operating illegally in NY. Laws in other jurisdictions will vary and it's a complex, global issue.”

Bloq co-founder Jeff Garzik and ShapeShift CEO Erik Voorhees also commented on the issue:

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $8,675.95 (+7.81%)
  • Ethereum (ETH) $267.06 (+6.16%)
  • XRP (XRP) $0.408600 (+5.50%)
  • Bitcoin Cash (BCH) $433.19 (+6.71%)
  • Litecoin (LTC) $111.56 (+8.59%)
  • Bitcoin (BTC) $8,675.95 (+7.81%)
May 24, 2019 (Friday)
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
German engineering giant Bosch trials Ethereum blockchain
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
Bank of Russia to review proposal on gold-backed cryptocurrency
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
Robinhood Crypto is now in New York
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
California resident sued for alleged $26M crypto Ponzi scheme
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
Rep. Swalwell accepting bitcoin donations in bid for US presidency
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
Binance CEO CZ seeks compensation for reputational damage from Sequoia
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
Coinstar extends bitcoin buying service to 21 US states
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.