US Congress Crypto Exchanges to Explain Fraud Prevention

The US Congress committee sent letters to five major crypto exchanges requesting information about the measures they’ve undertaken to prevent crypto fraud.

Four agencies including the US Department of Treasury, Securities and Exchanges Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission and five other exchanges were addressed by the Chair of the Subcommittee on Economic and Consumer Policy, Rep. Raja Krishnamoorthi.

These inquiries are a part of an attempt from Congress to tighten the regulations around the crypto industry in the U.S. in a process to determine the appropriate regulatory agency to oversee the crypto industry.

Congress Against Crypto Frauds

Five exchanges, including Coinbase, FTX, Binance.US, Kraken and KuCoin were requested to provide information and documents for the last 14 years, along with the exchanges’ protocols to identify and deal with fraudulent cryptocurrencies and accounts on their platform.

The exchanges were also asked to give … Read more