New York Attorney General Preferences against cryptocurrency credit services

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The New York Attorney General Letitia James announced on October 18 that she ordered the closure of an unidentified group of cryptocurrency credit platforms that work in the state.

like Pro Official "> Press release , the companies would act against the provisions of general economic law § 352 ff. - better known as "Martin Act".

Ms. James argues that cryptocurrency credit platforms are "interest-bearing accounts" and therefore have to register with the Office of the Attorney General (OAG) in order to work in New York.

cryptocurrency exchanges are not above the law

The New York public prosecutor did not name the companies concerned; However, the press release shows that the Attorney General has addressed five notifications to a number of platforms working in New York. For some it was a omission arrangement . To others, She asked for further measures.

"" Cryptocurrency platforms, like everyone else, have to stick to the law, which is why we now instruct two crypto companies, close and force three more to answer questions immediately. "

In a number of 14 inquiries, the Attorney General asked the cryptocurrency companies for user / customer names, user IDs, date, time, IP addresses and other information recorded every customer who could connect from New York.

Ms. James also asked about personal data from users with unchecked accounts, a breakdown of the KYC procedures, jurisdiction for which they offer services and legal documents.

New York: The last boss in the crypto verses

New York is a paradise for financial -related companies. Nevertheless, it may have the worst reputation in the United States in relation to the legal framework and its relationship with cryptocurrencies.

The

his abolition was one of the promises of the democratic presidential candidate (who is now? run for the mayor of New York ) Andrew Yang. Nevertheless, it seems that the current president of the United States, the Democrat Joe Biden, does not share the same vision and has appointed a cabinet that is more geared towards control of the industry.

Initiatives for cryptocurrency credit services didn't have a good year in America. Even coinbase, the cryptocurrency exchange with the biggest volume in the USA, could not keep up with a cryptocurrency credit the high-yield accounts offered by traditional banks.

In a similar way, other cryptocurrency credit services such as Blockfi and Celsius , were sentenced to closure in several US states.

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