New York State Attorney General introduces Chief responsible for cryptocurrency risks
Barbara D. Underwood, the New York State Attorney General, recently announced a new Investor Protection Bureau Chief. The Attorney General has appointed Cynthia Hanawalt as the Chief of the office of the New York General Attorney.
Chief Cynthia Hanawalt stated she that will be responsible for all the Ponzi schemes and fee overchange to the growing risks associated with the trading cryptocurrency. The investigation department will be “fighting for New Yorkers” financial security.
“I am honored to accept this appointment from Attorney General Underwood. Amidst federal retreat and Congressional attacks on the state laws protecting our citizens, there could not be a more important moment for energetic state securities work.”
A.G Underwood, upon the introduction of the new Chief, stated that she is confident that Cynthia would continue to protect daily investors and the integrity of the market which is the vital role of the bureau. The new Chief is well-known in the department for recovering up to $772 million of the New York investors.
Bradely Hummings, a cryptocurrency enthusiast says:
“I hope the departnment will first investigate all the ICOs in the cryptocurrency market first and take all the scammers. This is turning out to be the biggest problem these days in the space as all they do is raise money and later on sell them in the market, leading to a crash in the prices out of nowhere.”
Jess Achers, an investor says:
“It would be interesting to see how the department will be protecting investors from cryptocurrency trading risks when the SEC is one of the reasons for high fluctuations in the market.”
The Attorney General had previously launched an inquiry on cryptocurrency exchanges in order to improve the transparency and accountability of the leading exchange platforms.
Attorney General Underwood has stated that the reason for the inquiry was the gaining popularity of Bitcoin [BTC], Ethereum [ETH] and other virtual currencies. The major exchanges who received the inquiry letter included Coinbase, Gemini, Bitfinex, Huobi, Bittrex, Kraken, and Binance.
The exchange platforms were required to provide information related to the ownership and control, basic operation, trading procedures and policies, internal controls, protection against risk to customer funds, outages and other suspensions of trading and privacy, and money laundering.
However, the inquiry led to a lot of buzz in the cryptocurrency space. Cryptocurrency exchange platforms such as Kraken retaliated to the inquiry whereas other exchange platforms complied with it.
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