Exchange Binance, Kraken and Gate.io are in violation of the law☝

Exchange Binance, Kraken and Gate.io are in violation of the law☝

Cryptocurrency exchanges Binance, Kraken and Gate.io are in violation of the law on the market of virtual currencies in force on the territory of the state of new York. Prosecutor General's office has sent an application to the Department of financial services.

In accordance with the law on the market of virtual currencies, adopted in April 2018, cryptocurrency exchanges must provide information on its activities, including on measures to fight fraud and manipulation of cryptocurrency. Four exchanges (Binance, Kraken, Gate.io and Huobi) stated that they do not provide services to residents of the state of new York and therefore are not obliged to follow the order. However, in the opinion of the attorney General, in the number of customers Binance, Kraken and Gate.io includes residents of new York, so the company falls under the jurisdiction of the law on the market of virtual currencies.

The attorney General of the state of new York Barbara underwood said: "According to our data, a cryptocurrency platform does not meet the requirements on safety and business transparency. We want to protect new Yorkers from fraud and theft of funds."

According to representatives of the Prosecutor's office, some cryptocurrency trading platform does not use the methods of monitoring and countering illegal operations. Moreover, cryptocurrency exchanges do not provide a sufficient level of safety of financial assets of traders and not audited.

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