September 30, 2022

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US Congressman Will Review All US Binance Files Related to Consumer Safety

Brian Schroeder, President and CEO of Binance US, received a Federal Communications This requires urgent disclosure of official documents that prove the exchange’s compliance with the various investor security protocols. The request comes from the chair of a subcommittee of the United States Government’s Oversight and Reform Commission.

In the letter to Schroeder, Deputy Raja Krishnamurthy from the Subcommittee on Economic and Consumer Policy highlighted the lack of crypto exchanges’ involvement in helping the US government to Reducing financial fraud and protecting investorsMentionsed:

“I am concerned about the rapid rise in consumer fraud and abuse. I am also concerned about the apparent lack of action by crypto exchanges to protect consumers transacting through their platforms.”

Krishnamoorthi has shown skepticism about the verification process behind listing the tokens on exchanges, which ultimately increases the risks for investors. The subcommittee of Binance US, a subsidiary of the largest cryptocurrency exchange Binance, has reached out to produce various documents, in an effort to contribute to the cause.

Binance US will have to submit all required documents from the start of its activity by September 12, 2022.

Part of the letter with the list of documents required from Binance US. Source: oversight.house.gov

Speaking on behalf of the US Congress, Krishnamurthy reiterated that cryptocurrency exchanges should adopt Proactive measures to ensure investor safety “Implement audit policies, request certain information, write off and adopt other security mechanisms.”

In addition to the documents, Shroder was asked to answer questions explaining the tools and mechanisms the platform implements to reduce risk, fraud, and fraud.

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A recent survey revealed that 46% of adult cryptocurrency users in the US experienced an investment loss during the recent crypto winter.

The vast majority of respondents tried investing in cryptocurrencies while searching for a “different way to invest” and thought it was a “good way to make money.”