Sep 21, 2018 at 09:00
Sep 21, 2018 at 09:00 UTC
Report on Crypto by NY Attorney General praised by Zebpay CEO
“Glad to see the Office of the New York State Attorney General take interest in understanding the present state of Cryptocurrency trading in the US. I enjoyed reading their report titled the VIRTUAL MARKETS INTEGRITY INITIATIVE REPORT that they published the day before yesterday.”
Many crypto exchanges voluntarily stepped up for the survey including Bitfinex, Bitstamp, bitFlyer USA, Bittrex, Coinbase, Gemini, itBit, Poloniex, Tidex and HBUS, a strategic partner of Huobi. The exchanges that did not participate in the inquiry include Binance, Gate.io, Huobi global Limited and Kraken.
Zebpay also promised its investors to return all the INR present when Reserve Bank of India (RBI) announced the halt of cryptocurrency trading in India. The CEO said, “Zebpay crypto wallets will continue to work, and you are welcome to hold your coins and tokens with us. Of course, if you want to withdraw (or deposit) crypto, you can always do it as you choose.”
The report by the New York Office of the Attorney General was formulated based on various parameters. The process involved checking for information on exchange operations, measures against market manipulations and internal controls from ten different cryptocurrency exchanges. The Attorney General, Barbara Underwood said, “Generally accepted methods for virtual auditing assets do not exist, and trading platforms lack a consistent and transparent approach to independently auditing the virtual currency that is purportedly in their possession.”
The whole world is trading on the cryptocurrency, and this has made Indian market more sensitive towards the growing revolutionary technology. At this point, the government is trying to push the decision on cryptocurrency trade in India. According to the Securities and Exchange Board of India [SEBI], in a press release, it announced about a new body was being formed that will govern the operation and explore the fintech industry. The report relating to it said, “Assessing technological solutions for regulatory functions of SEBI viz. information management and data mining, risk management including cybersecurity, intermediary supervision, consumer protection, etc. through application of new technological solutions like application of distributed ledger technology, big data, data analytics, artificial intelligence, machine Learning etc.”