{"id":13725,"date":"2022-09-01T15:00:28","date_gmt":"2022-09-01T15:00:28","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/09\/01\/congress-presses-big-crypto-exchanges-for-details-on-how-theyre-fighting-scams\/"},"modified":"2022-09-01T15:00:29","modified_gmt":"2022-09-01T15:00:29","slug":"congress-presses-big-crypto-exchanges-for-details-on-how-theyre-fighting-scams","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/09\/01\/congress-presses-big-crypto-exchanges-for-details-on-how-theyre-fighting-scams\/","title":{"rendered":"Congress presses big crypto exchanges for details on how they\u2019re fighting scams"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/8\/31\/23330623\/congress-coinbase-binance-ftx-cryptocurrency-scams<\/a>
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Congress wants to know what Coinbase, Binance.US, FTX, Kraken, and KuCoin are doing to address scams related to cryptocurrency. In separate<\/a> letters<\/a> sent<\/a> to each<\/a> crypto exchange, the House Committee on Oversight and Reform expresses concern over \u201cthe rapid growth of fraud and consumer abuse,\u201d as well as the \u201clack of action by cryptocurrency exchanges to protect consumers conducting transactions.\u201d<\/p>\n

The committee\u2019s letters cite data from the Federal Trade Commission (FTC)<\/a> 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<\/a> have been particularly lucrative for bad actors, who collected about $575 million and $185 million from either scheme, respectively.<\/p>\n

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