In the wake of cryptocurrency exchange FTX’s bankruptcy filing, Senate Finance Committee Chair Ron Wyden (D-OR) is seeking answers on what safeguards are in place to protect retail investors in the event of bankruptcy or theft. Wyden recently sent letters to crypto trading platforms Binance, Bitfinex, Coinbase, Gemini, Kraken and KuCoin. Wyden asked the exchanges to provide information regarding internal security controls, balance sheet health and suspicious activity monitoring. He also sought clarity on how the companies “address any potential financial irregularities, tax compliance issues, or money laundering concerns identified by internal or external auditors.”
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