Amongst the season of cryptocurrency crackdowns in various countries, 13 cryptocurrency exchanges operating in the US, including Bitfinex, Coinbase are under scrutiny by New York Attorney General Eric Schneiderman, as confirmed by his office on Tuesday.
The cryptocurrency exchanges are now being sent lengthy questionnaires to clarify about their business operations. Schneiderman, the initiator of his enquiry has asked for key company facts like the names of executives in charge, what foreign countries they trade in, how they verify customers’ identities and their cybersecurity and privacy policies.
Last year in December 2017, Bitcoin’s value soared up to $21,000, setting the highest grossing value in the cryptocurrency record. This got in obscene amount of investors putting their money in Bitcoin, in a country where the cryptocurrency exchanges and legalization scenario was still unclear. This has got the governments in several countries to put regulations on cryptocurrency and cryptocurrency exchange in wake of the spiking investment.
Now, last month in March, the U.S. Securities and Exchange Commission (SEC) have mandated such cryptocurrency exchanges to register with the agency else they will face legal penalties. Bitcoin, and other cryptocurrencies, still remain unpredictable and volatile. To make it worse, now online thefts have also resulted in a huge loss of crypto assets.
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