US Congress Drills Top Crypto Exchanges Over $1B Fraud 

US Congress Inquires Top Crypto Exchanges Over $1 Billion Fraud

The House Committee on Oversight and Reform sent letters to Coinbase, FTX, Binance.US, Kraken, and KuCoin to inquire about what they are doing to safeguard customers from frauds

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The committee also asked the Department of the Treasury, the Federal Trade Commission, CFTC, and SEC for what they are doing to protect investors from frauds.

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More than $1 billion in cryptocurrencies have been lost to fraud since the start of 2021

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The letters asked federal agencies and crypto exchanges to respond by Sept. 12 with information about what they are doing to protect consumers.

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The committee says that these responses could be used to craft legislative solutions.

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The committee warned FTX said “while some exchanges review cryptocurrencies before listing them, others allow digital assets to be listed with little or no vetting.”

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Blockchain analytics firm Chainalysis found that 37% of crypto scam revenue last year went to “rug pulls.”

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