New York Authorities Launch Investigation into Uniswap

Following the SEC, the New York state government has launched an investigation into Uniswap, the largest decentralized exchange in the cryptocurrency market.

New York Authorities Launch Investigation Into Uniswap

According to a report from CoinDesk, the state of New York has joined the list of regulatory bodies taking legal action against Uniswap, the leading decentralized exchange (DEX) in the cryptocurrency space.

New York Attorney General Letitia James has issued an order requiring investment funds that have invested in Uniswap, including a16z and Union Square Ventures, to cooperate in an ongoing investigation.

Uniswap, developed by New York-based Uniswap Labs, has responded to the issue:

As a pioneering project in decentralized finance (DeFi) technology originating from New York, Uniswap Labs is proud to provide fair and efficient financial services to all users. While we regret any legal pressure from the authorities, we are willing to engage in dialogue with all regulatory agencies to collaboratively build a future where innovations in DeFi can develop responsibly, particularly in our home state of New York.

On September 4th, the Commodity Futures Trading Commission (CFTC) imposed a $175,000 fine on Uniswap for allowing the trading of leveraged cryptocurrency assets without registering with the agency.

Additionally, Uniswap is also under investigation by the U.S. Securities and Exchange Commission (SEC) following a warning issued in April.

Related: SEC Officially Sends Statement of Intent to Sue Uniswap

Recently, the New York government, similar to the SEC, has intensified its scrutiny of the cryptocurrency industry. They have launched investigations into several companies accused of violations, including the “trio” Genesis – DCG – Gemini, as well as exchanges CoinEx and KuCoin.

Despite facing negative news, Uniswap (UNI) has seen little price movement in the last 24 hours. UNI is currently trading around $6.26.

Uniswap (UNI)
Uniswap (UNI)
Love

0.0/5

Love

Latest

Trump Coin Faces 40% Crash Risk Ahead Of $500 Million Token Unlock

News | Editor Choice | Memecoin

Trump Coin Faces 40% Crash Risk Ahead of $500 Million Token Unlock

Trump Coin faces the risk of a sharp 40% drop as technical patterns flash bearish signals, with the market bracing for a $500 million token unlock in mid-July.

Sharplink Gaming Shares Plunge 73% Amid Eth Purchase Rumors

News | Altcoin | Editor Choice

Sharplink Gaming Shares Plunge 73% Amid ETH Purchase Rumors

As Sharplink Gaming prepares for a $1 billion Ethereum purchase, its stock unexpectedly plunged 73% due to market misinterpretation of the company’s share registration filing.

Sec Continues To Delay Review Of Dogecoin, Hedera, And Avalanche Etfs

Altcoin | Editor Choice | Policy & Regulations

SEC Continues to Delay Review of Dogecoin, Hedera, and Avalanche ETFs

The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on a series of spot ETFs for altcoins, a move that has become familiar in recent months.

Receive $70 For New Users On Okx

Airdrops | Editor Choice

Receive $70 for New Users on OKX

Simply deposit 500 USDT into your trading account to receive 70 USDT for new users on the OKX exchange.

Brazil Considers Establishing A Bitcoin Reserve Fund

Bitcoin | Editor Choice | Policy & Regulations

Brazil Considers Establishing a Bitcoin Reserve Fund

Brazil is considering establishing a Sovereign Bitcoin Reserve Fund (RESBit), using 5% of its international reserves to purchase Bitcoin.