Eric Schneiderman, Attorney General of the State of New York, decided to launch inquiry into largest cryptocurrency exchanges, including GDAX, Bitfinex, and Binance.

On Tuesday, Schneiderman announced the launch of his "Virtual Markets Integrity Initiative", claiming that it is aimed at improving transparency and accountability of major cryptocurrency trading platforms in order to protect virtual currency investors. This inquiry is focused on policies and practicies used by those trading platforms. Schneiderman's Office sent letter to 13 crypto exchanges, requesting to disclose their operations, use of bots, conflicts of interest, outages and other key issues, the official statement reads.

“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms,” said Attorney General Schneiderman. “Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve.”

The list of exchanges that will receive letters include Coinbase's GDAX, Gemini, bitFlyer USA, Bitfinex, Bitstamp USA, Kraken, Bittrex, Poloniex, Binance, Tidex,, itBit, and Huobi.Pro.

According to Schneiderman, he is also interested in key issues, such as "internal management and measures taken to protect user assets". Schneiderman's office reported also that it is interested in questionning those exchanges operating outside of New York.

"We are aware that certain trading platforms have formal rules barring access in New York and may not have a license to engage in virtual currency business activity in New York. Among other topics, we are asking platforms to describe their measures for restricting trading from prohibited jurisdictions," the statement said.