RIYADH: New York has made it mandatory on cyrptocurrency lending platforms to register with the Office of the Attorney General if they wish to operate in the state or offer their products to New Yorkers.
New York Attorney General Letitia James on Monday said these steps are aimed to protect New York investors and markets from exploitation by high-risk virtual currency schemes.
The official also ordered the closure of two cryptocurrency lending platforms in New York and three other platforms were directed to provide information about their business.
“Cryptocurrency platforms must follow the law, just like everyone else,” James said.
The move comes weeks after the attorney general won a court order forcing the closure of cryptocurrency exchange Coinseed.
“My office is responsible for ensuring industry players do not take advantage of unsuspecting investors. We’ve already taken action against a number of crypto platforms and coins that engaged in fraud or that illegally operated in New York,” he said.
