Ethereum co-founder Vitalik Buterin opines about New York Attorney General’s exchange report
Ethereum co-founder, Vitalik Buterin, actively participates, discusses and shares his opinion regarding crucial matters in the crypto space. This time, he shared his view on a report published by New York State Attorney General Barbara Underwood where they mentioned that Binance, Kraken and Gate.io might be running their operations in violation to cryptocurrency regulations of New York.
As reported earlier, OAG reached out to exchanges for “voluntary participation”. VBitfinex, bitFlyer USA, Inc., Bitstamp, Bittrex, Coinbase, Gemini Trust Company, itBit, Poloniex, and Tidex responded to the call of OAG.
Of the nine participants, four platforms – Binance, Gate.io, Huobi Global and Kraken stated that they do not permit trading from New York State and denied participation. OAG later carried out investigations whether the four platforms were conducting any trades from the state and reported Binance, Gate.io, and Kraken might be violating of cryptocurrency regulations in New York.
In response to the report, Kraken hit back in a tweet stating, “Thanks to the NY taxpayer for funding this research — saved our Product team a lot of time, and we got some interesting non-public info on our competitors. Excellent overview of issues, and a nice list of ‘Questions Customers Should Ask’ on pg 32. We must, however, object to the highly unprofessional/malicious implication that because we did not respond to the voluntary information request, we *might* be operating illegally.”
Kraken further went on to add, “We told you we don’t operate in NY. AG trying cases in court of public opinion now? Is it a coincidence that this was published the day before the expiration of the @CBOE futures contract? Who traded on insider information and what is being done to prevent manipulation by @NewYorkStateAG employees?”
Vitalik Buterin commented on the tweet saying, “To be fair, “trying cases in the court of public opinion”, and more generally, regulatory agencies acting more like rating agencies, is exactly the sort of thing that libertarians have been in favor of.”
However, according to Buterin, the report was “too procedure-focused.” He wrote, “…had I been tasked to lead the project I would have focused more on “if an average user has $100 of BTC, and trades for ETH (or whatever other coin), how much do they *actually* get on each exchange.”
Image via Shutterstock
Join our Telegram group