Congress presses big crypto exchanges for details on how they’re fighting scams

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Illustration by Alex Castro / The Verge

Congress wants to know what Coinbase, Binance.US, FTX, Kraken, and KuCoin are doing to address scams related to cryptocurrency. In separate letters sent to each crypto exchange, the House Committee on Oversight and Reform expresses concern over “the rapid growth of fraud and consumer abuse,” as well as the “lack of action by cryptocurrency exchanges to protect consumers conducting transactions.”

The committee’s letters cite data from the Federal Trade Commission (FTC) indicating that over 46,000 people in the US lost a combined $1 billion due to crypto scams since the start of 2021, with individuals losing $2,600 on average. Investment and romance scams have been particularly lucrative for bad actors, who collected about $575 million and...

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source https://www.theverge.com/2022/8/31/23330623/congress-coinbase-binance-ftx-cryptocurrency-scams

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