Kraken, one of the leading exchange platform around the world, retaliated to the statement made by the New York Attorney General Barbara D. Underwood. The exchange platform said that the release of the report on Virtual Markets Integrity Initiative coincides with the expiration of CBOEs futures contract.
The statement made by the exchange platform on Twitter stated:
“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.”
The platform continued to say that the people “must” stand against unprofessional and malicious implications. According to them, the accusation of probably being involved in the illegal operations by the Attorney General is because the platform did not participate in the voluntary inquiry launched by them earlier this year. They further added that they do not operate in New York and that the Attorney General case is based on public opinion.
In addition, the platform pointed out that the report by the Attorney General was published a day before the expiration of the CBOE futures contract. They said:
“Who traded on insider information and what is being done to prevent manipulation by @NewYorkStateAG employees? Quis custodiet ipsos custodes?”
The statement ‘Quis custodiet ipsos custodes transalates’ to ‘Who watches the watchers’. Moreover, the CEO of Kraken, Jessey Powell compared the NY Attorney General to an “abusive, controlling ex”. He said:
“NY is that abusive, controlling ex you broke up with 3 years ago but they keep stalking you, throwing shade on your new relationships, unable to accept that you have happily moved on and are better off without them.
The Office of Attorney General had sent across an inquiry form in the month of April 2018 and stated that they would be publishing a report based on the information collected by the exchange platform. The Virtual Market Initiative Integrity was launched in the order to protect the investors of New York who trade cryptocurrencies.
The inquiry form was sent to over 13 exchanges asking for information related to trading fees, basic operations, trading practices and policies. The inquiry faced both positive and negative response with Coinbase, Bittrex agreeing to provide information and Binance, Kraken refusing to provide the information.
Moreover, the CEO of Kraken openly dissented the inquiry calling it an abuse. Jessey continued to say that that the team made the right choice by deciding to shift out New York.
However, the report which was published by the Attorney General calling out all the exchange platforms which refused to take part in the inquiry. The report alleges that these exchange platforms are probably involved in operating unlawfully in New York. The Attorney General Babara Underwood recommended investors considering to participate in the cryptocurrency market to read the report.
Mr. Hyde, a cryptocurrency investor and trader said:
“This is why the US will be last in the technology and innovation race. The greed and power of the government in this country is incredible. We the people should be able to decide if these platforms are too risky or problematic, it’s our money at stake.”
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