Brian Schroeder, president and CEO of Binance US, received a federal communication demanding the urgent disclosure of official documents demonstrating the exchange’s adherence to various investor protection protocols. The request comes from the chairman of a subcommittee on the US Government Oversight and Reform Commission.
In a letter to Schroeder, Raja Krishnamurthy, deputy chairman of the subcommittee on economic and consumer policy, highlighted the lack of participation of crypto exchanges in helping the US government curb financial fraud and protect investors:
“I am concerned about the rapid increase in consumer fraud and abuse. I am also concerned about the apparent lack of action by crypto exchanges to protect consumers who transact through their platforms.”
Krishnamurthy has expressed doubts about the verification process behind listing tokens on exchanges, which ultimately increases risks for investors. Binance US, a subsidiary of the largest cryptocurrency exchange Binance, was contacted by the subcommittee to produce various documents in an effort to contribute to the case.
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