📝 NY Attorney General releases crypto exchange report

After a monthslong investigation, the New York Attorney General's office has released a report on cryptoasset exchanges. The report found that many exchanges lack proper safeguards to ensure “fairness, integrity, and security,” putting customers at risk. Many exchanges have failed to take steps to monitor and prevent manipulative trading while conflicts of interest are 'pervasive,' according to the report. Other issues include a lack of protection for customer funds and no restrictions on employees holding or trading cryptoassets. Former Attorney General Eric Schneiderman had requested information from cryptoasset exchanges back in April. Ten exchanges complied with the request while four did not, arguing that they did not operate in the sate. Three of those exchanges, Kraken, Binance, and Gate.io, were referred to the New York Department of Financial Services after the attorney general's office concluded that they did in fact offer trading to New York based uers.