New York AG sent letters to 13 cryptocurrency exchanges seeking detailed info on how they operate. Bitcoin billionaire Tyler Winklevoss, one-half of the cryptocurrency duo the Winklevoss twins, said he plans to cooperate with New York Attorney General Eric Schneiderman in his inquiry into crypto exchanges like his Gemini platform.

“Gemini applauds the Attorney General’s focus on this industry and the Virtual Markets Initiative,” Tyler Winklevoss, CEO of Gemini, said in a statement to CNBC. “And we look forward to cooperating with and submitting our responses to the questionnaire that has been circulated.” The Winklevoss twins’ Gemini Trust Company was one of 13 cryptocurrency exchanges that were sent questionnaires on April 17 by the New York Attorney General’s Office, which launched a wide-scale “inquiry” into how the platforms operate and how they safeguard their customers’ assets.

The AG’s Office said it launched the “inquiry” amid escalating public interest in bitcoin and the frequent hacks that have plagued the virtual currency ecosystem. “As part of a broader effort to protect cryptocurrency investors and consumers, the Attorney General’s office sent letters to 13 major virtual currency trading platforms requesting key information on their operations, internal controls, and safeguards to protect customer assets,” AG Eric Schneiderman revealed in a statement.

“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.” The New York Attorney General’s Office sent letters to these major cryptocurrency exchanges.

Cryptocurrency trading has mushroomed recently in the wake of bitcoin’s soaring price movements. But the crypto ecosystem remains opaque, unregulated, and decentralized, as regulators have not kept up with the rapid advances in technology. Read more from inquisitr.com…

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