April 17, 2018 / 5:31 PM / 7 days ago

New York seeks more information from crypto exchanges

(Reuters) - New York Attorney General Eric Schneiderman on Tuesday sought information from 13 cryptocurrency trading platforms, including Coinbase Inc and Gemini Trust, about their operations such as fee structures and safety measures to protect customer accounts.

FILE PHOTO: New York Attorney General Eric Schneiderman speaks during a news conference to discuss the civil rights lawsuit filed against The Weinstein Companies and Harvey Weinstein in New York, U.S., February 12, 2018. REUTERS/Brendan McDermid/File Photo

“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money,” Schneiderman said in a press statement.

Schneiderman’s letter to the companies is part of a fact-finding inquiry called the ‘Virtual Markets Integrity Initiative’ that seeks to protect virtual currency investors by providing them information they need to understand the practices and risks of trading on these platforms.

The letter includes a questionnaire about the trading platform’s ownership, trading policies, internal controls and privacy and money laundering, among others.

Trading platforms have to respond before May 1, the press statement said.

Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur

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