New York Attorney General Shuts Two Crypto Platforms

New York Attorney General Shuts Two Crypto Platforms
  • The New York Attorney General stops two crypto platforms functioning immediately.
  • Questioning letters sent to three more crypto platforms.
  • All issued based upon not following the laws terms the Attorney General.

With the rules and regulations being imposed statewise, most are upon a fairplay in the U.S. Moreover, most of the regulations in the U.S are mostly the basic ones like a valid operating license, etc. 

In such a case, two crypto platforms related to financing of cryptos and lending them have been ordered to immediately cease all their functions and to be shut down.

The New York’s Attorney General Letitia James has devised the order and further questioning upon their operations as a letter has been sent to three more crypto platforms.

However, the true names of the crypto firms were not revealed directly by James though. This was upon the press meet on Monday. They ought to be kept anonymous. 

The Attorney General’s Questions

In spite of all this, the Attorney General Letitia James proclaims that as there are rules and regulations devised, all crypto firms must follow them irrespectively. Also, she terms crypto firms should follow the rules and regulations, abide by the law, as everyone else. 

In addition, she reveals that not doing so has led to the shutting down of two crypto firms. Also, she adds she has sent letters to three more platforms. 

Furthermore, James terms that the crypto lending firms and platforms must be registered properly with the Attorney General.

Views of the Cornered

Although the names of the crypto platforms were kept anonymous, somehow they came out. Among the two firms to be shut down immediately one is the Nexo Financial LLC and among the three which received letters, one was the Celsius Network LLC.

On the contrary, the co-founder of Nexo Financial LLC, Antoni Trenchev defends that they absolutely do not operate or lend finance services in the state of New York.

 Furthermore, he contradicts that they are absolutely out of any worries as they do not operate in New York.

In addition, he adds that they will be replying to the Attorney General’s letter stating that they might have wrongly sent the letters, maybe a mistake with the recipients.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.