Crypto exchanges take on fraud with new anti-fraud measures | Crypto

Crypto exchanges take on fraud with new anti-fraud measures

– A House of Representatives oversight panel is asking some leading cryptocurrency platforms and financial regulators what they’re doing to fight fraud and to resolve claims of jurisdiction that have slowed the progress for providing clearer rules for the industry.
– Representative Raja Krishnamoorthi (D-IL), who heads the House Committee on Oversight and Reform’s subcommittee on economic and consumer policy, has accused the federal government of being “slow to curb cryptocurrency scams and fraud.”
– In letters sent to Treasury Secretary Janet L. Yellen, Securities and Exchange Commission Chair Gary Gensler, Federal Trade Commission Chair Lina Khan, and Commodity Futures Trading Commission Chair Rostin Behnam, Krishnamoorthi said that without clear definitions and guidance, agencies will continue their infighting and will be unable effectively to implement consumer and investor protections related to cryptocurrencies and the exchanges on which they are traded.
– In separate letters to Binance.US, Coinbase (NASDAQ:COIN), FTX, Kraken, and KuCoin, Krishnamoorthi said the crypto exchange have shown an “apparent lack of action” to protect their customers, alleging that platforms are listing digital tokens with “little or no vetting,” insufficient monitoring to prevent illicit activity, and inadequate measures to guard deposits.

image 1358273542 Crypto exchanges take on fraud with new anti-fraud measures

Leave a Reply

%d bloggers like this: