Coinbase Discloses Corporate Data In Response to NY Crypto Inquiry

Coinbase, the U.S.-based cryptocurrency exchange startup, has publicly shared part of its response to New York Attorney General Eric Schneiderman's ongoing inquiry. "We applaud the [Office of the Attorney General] for taking action to bring further transparency to the virtual currency markets," Coinbase's chief legal and risk officer Mike Lempres wrote in a five-page letter. Schneiderman's office launched a "fact-finding inquiry" into cryptocurrency exchanges in April, sending a detailed questionnaire to 13 firms, including Coinbase. The inquiry seeks a wide range of information about exchanges' operations, their leadership, funding, terms of service, privacy protocols, relationships with other financial institutions and use of trading "bots." In the public version of Coinbase's reply, Lempres addresses the assets kept on Coinbase's platform ($150 billion in total), the firm's funding ($225 million to date), its financial position ("a profitable and self-sustaining business"), and its personnel levels (over 300 employees, 1,000 total when you factor…

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