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Report: Cryptocurrency Exchanges at Risk of Manipulation

Several cryptocurrency exchanges are plagued by poor market surveillance, pervasive conflicts of interest and lack sufficient customer protections, the New York Attorney General’s office said in a report published on Tuesday.

The study found that online platforms where virtual currencies such as bitcoin can be bought and sold by individuals operate with lower safeguards than traditional financial markets, are vulnerable to market manipulation and put customer funds at risk.

“As our report details, many virtual currency platforms lack the necessary policies and procedures to ensure the fairness, integrity, and security of their exchanges,” Attorney General Barbara Underwood said in a statement.

As a result of the findings, the attorney general asked New York’s Department of Financial Services (NYDFS) to review whether three exchanges might be operating unlawfully in the state.

The attorney general’s office launched its Virtual Markets Integrity Initiative in April 2018, asking 13 platforms to voluntarily share information about their practices.

Four platforms did not participate, claiming they did not allow trades from within New York State. The Attorney General’s office investigated whether the platforms did operate in the state, and has referred three – Binance, Kraken and Gate.io – to NYDFS. The three platforms could not immediately be reached for comment.

U.S. and international regulators have begun clamping down on malpractices in the cryptocurrency market over the past year as trading in the nascent asset class boomed.

Two Wall Street regulators last week announced a series of actions, including levying fines, against companies involved with cryptocurrencies, while a New York federal judge ruled a case could proceed in which U.S. securities law was being used to prosecute fraud cases involving cryptocurrency offerings.

The attorney general’s report detailed how some of these platforms conduct overlapping lines of business that present “serious conflicts of interest,” including trading for their own account on their own venues. Some platforms also issue their own virtual currencies or charge companies to list their tokens.

The study also found that “trading platforms lack a consistent and transparent approach to independently auditing the virtual currency purportedly in their possession”, making it “difficult or impossible” to confirm that the exchanges are responsibly holding customer accounts.

Although some platforms police their markets for trading abuses, others do not, the report found.

“Platforms lack robust real-time and historical market surveillance capabilities, like those found in traditional trading venues, to identify and stop suspicious trading patterns,” the report said.

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Report: Cryptocurrency Exchanges at Risk of Manipulation

Several cryptocurrency exchanges are plagued by poor market surveillance, pervasive conflicts of interest and lack sufficient customer protections, the New York Attorney General’s office said in a report published on Tuesday.

The study found that online platforms where virtual currencies such as bitcoin can be bought and sold by individuals operate with lower safeguards than traditional financial markets, are vulnerable to market manipulation and put customer funds at risk.

“As our report details, many virtual currency platforms lack the necessary policies and procedures to ensure the fairness, integrity, and security of their exchanges,” Attorney General Barbara Underwood said in a statement.

As a result of the findings, the attorney general asked New York’s Department of Financial Services (NYDFS) to review whether three exchanges might be operating unlawfully in the state.

The attorney general’s office launched its Virtual Markets Integrity Initiative in April 2018, asking 13 platforms to voluntarily share information about their practices.

Four platforms did not participate, claiming they did not allow trades from within New York State. The Attorney General’s office investigated whether the platforms did operate in the state, and has referred three – Binance, Kraken and Gate.io – to NYDFS. The three platforms could not immediately be reached for comment.

U.S. and international regulators have begun clamping down on malpractices in the cryptocurrency market over the past year as trading in the nascent asset class boomed.

Two Wall Street regulators last week announced a series of actions, including levying fines, against companies involved with cryptocurrencies, while a New York federal judge ruled a case could proceed in which U.S. securities law was being used to prosecute fraud cases involving cryptocurrency offerings.

The attorney general’s report detailed how some of these platforms conduct overlapping lines of business that present “serious conflicts of interest,” including trading for their own account on their own venues. Some platforms also issue their own virtual currencies or charge companies to list their tokens.

The study also found that “trading platforms lack a consistent and transparent approach to independently auditing the virtual currency purportedly in their possession”, making it “difficult or impossible” to confirm that the exchanges are responsibly holding customer accounts.

Although some platforms police their markets for trading abuses, others do not, the report found.

“Platforms lack robust real-time and historical market surveillance capabilities, like those found in traditional trading venues, to identify and stop suspicious trading patterns,” the report said.

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Trump: ‘Hard for Me to Imagine’ Kavanaugh Assaulted Teen in 1982

U.S. President Donald Trump said Wednesday that “it’s very hard for me to imagine” that Supreme Court nominee Brett Kavanaugh sexually assaulted a teenage girl 36 years ago when both were in high school, an alleged attack the woman says left her fearful for her life.

Trump said he hopes Kavanaugh’s accuser, California psychology professor Christine Blasey Ford, testifies at a hearing next Monday before the Senate Judiciary Committee, which is considering Kavanaugh’s nomination for a life-time seat on the country’s highest court.

“I really want to see her, to see what she has to say,” Trump said of Ford, now 51. The U.S. leader said it “would be unfortunate” if she does not appear.

Ford’s lawyers late Tuesday called for an FBI probe of her claims before she testifies, but Trump and Republicans that control the Senate panel say an FBI investigation is unnecessary. Kavanaugh, who says he will appear at the Senate panel’s hearing, has adamantly denied knowledge of the purported 1982 party at a suburban Washington home and said he has never attacked any woman.

Trump, speaking to reporters at the White House as he headed to North Carolina to view vast flood damage from Hurricane Florence, praised the 53-year-old Kavanaugh as “an extraordinary man.” But Trump said “it’s really up to the Senate” to decide how to proceed with the confirmation process.

Meanwhile, Anita Hill, the law professor at the center of lurid 1991 confirmation hearings involving Clarence Thomas as a U.S. Supreme Court justice, supported Ford’s call for an FBI investigation of her claims.

Hill told ABC’s “Good Morning America” show, “The American public really is expecting something more. They want to know that the Senate takes this seriously.”

Hill, now a law professor at Brandeis University, said Republican leaders are in an unnecessary rush to confirm Kavanaugh.

“Either they don’t take this seriously,” she said, “or … they just want to get it over. I’m not sure which is in play. Maybe they’re not concerned, or maybe they don’t know how to handle this kind of situation.”

The specter of Hill’s allegations 27 years ago that Thomas often sexually harassed her when they both worked for a federal government agency hangs heavy over the current Kavanaugh confirmation proceedings.

 Hill’s accusations were largely dismissed then by the all-male Senate committee, but many American women sympathized with her claims against Thomas, saying they resonated with their own experiences in the workplace. Thomas was confirmed on a narrow Senate vote and remains a conservative stalwart on the court to this day.

The chairman of the Senate panel, Republican Senator Charles Grassley, said, “The invitation for Monday still stands” for both Ford and Kavanaugh to testify.

“Dr. Ford’s testimony would reflect her personal knowledge and memory of events,” Grassley said. “Nothing the FBI or any other investigator does would have any bearing on what Dr. Ford tells the committee, so there is no reason for any further delay.”

Republican lawmakers are trying to win Senate confirmation for Kavanaugh ahead of the court’s start of a new term on October 1, or if not by then, ahead of the November 6 nationwide congressional elections, to show Republican voters they have made good on campaign promises to place conservative judges like Kavanaugh on the Supreme Court.

Ford’s lawyers told Grassley in a letter late Tuesday that some of the senators on the committee “appear to have made up their minds” and believe Kavanaugh.

“A full investigation by law enforcement officials will ensure that the crucial facts and witnesses in this matter are assessed in a nonpartisan manner and that the committee is fully informed before conducting any hearing or making any decisions,” the letter said.

Death threats

The lawyers also said Ford has become the subject of death threats and harassment, and expressed fears that the committee planned to have her “relive this traumatic and harrowing incident” while testifying at the same table as Kavanaugh and in front of national television cameras.

“Nobody should be subject to threats and intimidation, and Dr. Ford is no exception,” Grassley said in a statement later Tuesday.

The Republican senator said there were no plans to have Ford and Kavanaugh appear at the same time, and that the committee had offered her the opportunity to appear before a private hearing.

Ford alleged in a Washington Post interview that Kavanaugh groped her at the house party when she was 15 and he was 17. 

She said Kavanaugh, “stumbling drunk,” threw her down on a bed, grinding his body against hers and trying to pull off her one-piece bathing suit and the clothing she was wearing over it. Ford said when she tried to scream, he put his hand over her mouth.

She said she feared Kavanaugh might inadvertently kill her before she managed to flee.

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Trump: ‘Hard for Me to Imagine’ Kavanaugh Assaulted Teen in 1982

U.S. President Donald Trump said Wednesday that “it’s very hard for me to imagine” that Supreme Court nominee Brett Kavanaugh sexually assaulted a teenage girl 36 years ago when both were in high school, an alleged attack the woman says left her fearful for her life.

Trump said he hopes Kavanaugh’s accuser, California psychology professor Christine Blasey Ford, testifies at a hearing next Monday before the Senate Judiciary Committee, which is considering Kavanaugh’s nomination for a life-time seat on the country’s highest court.

“I really want to see her, to see what she has to say,” Trump said of Ford, now 51. The U.S. leader said it “would be unfortunate” if she does not appear.

Ford’s lawyers late Tuesday called for an FBI probe of her claims before she testifies, but Trump and Republicans that control the Senate panel say an FBI investigation is unnecessary. Kavanaugh, who says he will appear at the Senate panel’s hearing, has adamantly denied knowledge of the purported 1982 party at a suburban Washington home and said he has never attacked any woman.

Trump, speaking to reporters at the White House as he headed to North Carolina to view vast flood damage from Hurricane Florence, praised the 53-year-old Kavanaugh as “an extraordinary man.” But Trump said “it’s really up to the Senate” to decide how to proceed with the confirmation process.

Meanwhile, Anita Hill, the law professor at the center of lurid 1991 confirmation hearings involving Clarence Thomas as a U.S. Supreme Court justice, supported Ford’s call for an FBI investigation of her claims.

Hill told ABC’s “Good Morning America” show, “The American public really is expecting something more. They want to know that the Senate takes this seriously.”

Hill, now a law professor at Brandeis University, said Republican leaders are in an unnecessary rush to confirm Kavanaugh.

“Either they don’t take this seriously,” she said, “or … they just want to get it over. I’m not sure which is in play. Maybe they’re not concerned, or maybe they don’t know how to handle this kind of situation.”

The specter of Hill’s allegations 27 years ago that Thomas often sexually harassed her when they both worked for a federal government agency hangs heavy over the current Kavanaugh confirmation proceedings.

 Hill’s accusations were largely dismissed then by the all-male Senate committee, but many American women sympathized with her claims against Thomas, saying they resonated with their own experiences in the workplace. Thomas was confirmed on a narrow Senate vote and remains a conservative stalwart on the court to this day.

The chairman of the Senate panel, Republican Senator Charles Grassley, said, “The invitation for Monday still stands” for both Ford and Kavanaugh to testify.

“Dr. Ford’s testimony would reflect her personal knowledge and memory of events,” Grassley said. “Nothing the FBI or any other investigator does would have any bearing on what Dr. Ford tells the committee, so there is no reason for any further delay.”

Republican lawmakers are trying to win Senate confirmation for Kavanaugh ahead of the court’s start of a new term on October 1, or if not by then, ahead of the November 6 nationwide congressional elections, to show Republican voters they have made good on campaign promises to place conservative judges like Kavanaugh on the Supreme Court.

Ford’s lawyers told Grassley in a letter late Tuesday that some of the senators on the committee “appear to have made up their minds” and believe Kavanaugh.

“A full investigation by law enforcement officials will ensure that the crucial facts and witnesses in this matter are assessed in a nonpartisan manner and that the committee is fully informed before conducting any hearing or making any decisions,” the letter said.

Death threats

The lawyers also said Ford has become the subject of death threats and harassment, and expressed fears that the committee planned to have her “relive this traumatic and harrowing incident” while testifying at the same table as Kavanaugh and in front of national television cameras.

“Nobody should be subject to threats and intimidation, and Dr. Ford is no exception,” Grassley said in a statement later Tuesday.

The Republican senator said there were no plans to have Ford and Kavanaugh appear at the same time, and that the committee had offered her the opportunity to appear before a private hearing.

Ford alleged in a Washington Post interview that Kavanaugh groped her at the house party when she was 15 and he was 17. 

She said Kavanaugh, “stumbling drunk,” threw her down on a bed, grinding his body against hers and trying to pull off her one-piece bathing suit and the clothing she was wearing over it. Ford said when she tried to scream, he put his hand over her mouth.

She said she feared Kavanaugh might inadvertently kill her before she managed to flee.

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Argentina’s Fernandez: ‘Dig Up My Home But You Won’t Find Illicit Funds’

Argentina’s ex-President Cristina Fernandez said on Tuesday that she never received corrupt payments and challenged investigators to scour her home region of Patagonia if they believed she had hidden cash, a day after she was indicted on graft charges.

Using her immunity as a senator to refuse to answer any questions, Fernandez handed a written statement to the federal judge investigating a sprawling bribery scandal that has ensnared dozens of former officials and construction company executives. The statement was published on her party’s website.

“They can dig up all of Patagonia, but they will never find anything because I never received any illicit money,” the statement said, citing official allegations that cash was kept in underground vaults at Fernandez’s private residence or hidden in containers in the southern Argentina countryside.

Federal Judge Claudio Bonadio said in the indictment that officials had found empty vaults under the house, but no money.

Fernandez, president from 2007 through 2015, is accused of heading a network in which officials in her administration accepted bribes from construction companies in exchange for public works contracts.

Known as the “notebooks” scandal, the allegations arose in August after a local newspaper published diaries kept by a former government chauffeur, who said his notes documented hundreds of millions of dollars delivered to the offices of Fernandez and her late husband and presidential predecessor Nestor Kirchner.

“There is no evidence that links me to this alleged network,” Fernandez’s statement said.

Fernandez was previously indicted on corruption charges in 2016 after her former public works secretary was caught trying to hide bags of cash in a convent.

Fernandez’s current position as a senator grants her immunity from arrest, but not from investigation.

The probe has implications for next year’s presidential election. President Mauricio Macri is expected to run for a second term in October 2019, and his arch political rival Fernandez is among his possible challengers from the country’s Peronist movement. But the scandal is expected to limit her chances.

Some 85 percent of Argentines expect corruption to “decrease substantially within the next five years,” a recent survey by the International Federation of Accountants said.

“The optics do not look good for Fernandez’s re-election prospects,” said Jose Arnoletto, President of the Argentine Federation of Professional Economic Scientists.

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Argentina’s Fernandez: ‘Dig Up My Home But You Won’t Find Illicit Funds’

Argentina’s ex-President Cristina Fernandez said on Tuesday that she never received corrupt payments and challenged investigators to scour her home region of Patagonia if they believed she had hidden cash, a day after she was indicted on graft charges.

Using her immunity as a senator to refuse to answer any questions, Fernandez handed a written statement to the federal judge investigating a sprawling bribery scandal that has ensnared dozens of former officials and construction company executives. The statement was published on her party’s website.

“They can dig up all of Patagonia, but they will never find anything because I never received any illicit money,” the statement said, citing official allegations that cash was kept in underground vaults at Fernandez’s private residence or hidden in containers in the southern Argentina countryside.

Federal Judge Claudio Bonadio said in the indictment that officials had found empty vaults under the house, but no money.

Fernandez, president from 2007 through 2015, is accused of heading a network in which officials in her administration accepted bribes from construction companies in exchange for public works contracts.

Known as the “notebooks” scandal, the allegations arose in August after a local newspaper published diaries kept by a former government chauffeur, who said his notes documented hundreds of millions of dollars delivered to the offices of Fernandez and her late husband and presidential predecessor Nestor Kirchner.

“There is no evidence that links me to this alleged network,” Fernandez’s statement said.

Fernandez was previously indicted on corruption charges in 2016 after her former public works secretary was caught trying to hide bags of cash in a convent.

Fernandez’s current position as a senator grants her immunity from arrest, but not from investigation.

The probe has implications for next year’s presidential election. President Mauricio Macri is expected to run for a second term in October 2019, and his arch political rival Fernandez is among his possible challengers from the country’s Peronist movement. But the scandal is expected to limit her chances.

Some 85 percent of Argentines expect corruption to “decrease substantially within the next five years,” a recent survey by the International Federation of Accountants said.

“The optics do not look good for Fernandez’s re-election prospects,” said Jose Arnoletto, President of the Argentine Federation of Professional Economic Scientists.

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