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Congress Questions Coinbase, FTX, Binance, Kraken in Crypto Fraud Crackdown

A House committee has despatched letters to 4 U.S. federal businesses and 5 cryptocurrency exchanges requesting knowledge regarding what they’re doing to fight cryptocurrency fraud and scams.

Congress Questions Regulators and Crypto Exchanges

The House Committee on Oversight and Reform despatched letters to 4 U.S. federal businesses and 5 crypto exchanges on Tuesday in a trial to limit crypto-related fraud and scams.

The 4 businesses sq. measure the Department of the Treasury, the Federal Trade Commission (FTC), the Commodity Futures commercialism Commission (CFTC), and subsequently the Securities and Exchange Commission (SEC). The 5 crypto commercialism platforms sq. measure Coinbase, FTX US, Binance US, Kraken, and Kucoin.

The letters request “information concerning the steps they’re taking to combat cryptocurrency-related fraud and scams and extra actions that are required to safeguard Americans,” defined Rep. Raja Krishnamoorthi (D-IL), who signed the letters.

Krishnamoorthi, who chairs the committee on Economic and consumer Policy, commented:

“As stories of skyrocketing costs and overnight richness have attracted both skilled and amateur investors to cryptocurrencies, scammers have cashed in.”

The FTC stated in June that because the starting of 2021, over 46,000 of us have misplaced over $1 billion in crypto to scams. “That’s concerning one out of each four bucks lost, over the other payment methodology,” the regulator famous.

“The lack of a central authority to flag suspicious transactions in several things, the unchangingness of transactions, and therefore the restricted understanding several customers and investors have of the underlying technology build cryptocurrency a most popular dealing methodology for scammers,” Krishnamoorthi emphasised.

The chief added:

For these causes, I’m involved in regards to the enlargement of fraud and consumer abuse coupled to cryptocurrencies.

“Notwithstanding federal laws, cryptocurrency exchanges should themselves act to safeguard customers conducting transactions through their platforms. By implementing audit policies, requiring safe disclosures, delisting, and adopting alternative safety mechanisms, cryptocurrency exchanges can—and should—create safer environments for customers,” the legislator elaborated.

The letters increase the federal businesses and crypto exchanges to produce paperwork dated from January 2009 to this by Sept. 12.

The submit Congress Questions Coinbase, FTX, Binance, Kraken in Crypto Fraud Crackdown first appeared on BTC Wires.

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