Overview
Click to expand overview
Bitfinex, Gemini, Binance, Coinbase, Kraken, and KuCoin were the main targets of one senator’s probe into protections the companies had in place in case a failure similar to FTX’s happened again. The chair of the US Senate Finance Committee, Ron Wyden, has requested information from the six top crypto companies on consumer Binance.US and Coinbase (COIN) are on a list of crypto companies questioned this week by the chairman of the U.S. Senate Finance Committee about how they protect the investors using their services in light of the widespread damage caused by the fall of FTX. In separate letters dated Nov. 28, Wyden targeted Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin, requesting information on what protections the exchanges had in place if a failure In various letters dated Nov. 28, Wyden targeted Binance, Coinbase, Bitfinex, Gemini, Kraken, and KuCoin, demanding details on the safeguards they have in place in the event of a collapse similar to the one that occurred at FTX. On Tuesday, November 29th, Senator Ron Wyden requested financial data, including balance sheets, from the world’s major cryptocurrency exchanges. He asked Binance, Coinbase, Kraken, Bitfinex, Gemini, and KuKoin both how they are managing their users’ assets, and which protective systems they have in place in case a major US Senator Ron Wyden (D-Ore) has requested financial data from top crypto exchanges such as Binance, Kraken, KuCoin, Bitfinex, and Gemini. Senator Wyden is also the leader of the tax-focused Senate Finance Committee. Wyden sent letters to the leaders of Binance, Bitfinex, Coinbase, Gemini, Kraken and KuCoin and asked for information on how they plan to protect customers using their products in the event of A bipartisan group of senators sent a letter to Binance, saying the world’s largest crypto exchange is “a hotbed of illegal financial activity,” the WSJ reported on Thursday. 21 de sept. de 2025 U.S. Senate Finance Committee Chairman Ron Wyden has asked six cryptocurrency firms to provide information on consumer protection following FTX’s liquidity problems and bankruptcy. In a separate letter dated Nov. 28, Wyden targeted Binance, Coinbase, Bitfinex, Gemini, Kraken, and KuCoin, requesting information on what protections
US Senator Demands Financial Data from Binance, Kraken, KuCoin & Other Crypto Exchanges
A U.S. Senator is scrutinizing major cryptocurrency exchanges following the FTX collapse. Senator Ron Wyden, Chairman of the U.S. Senate Finance Committee, has requested extensive financial data from leading crypto platforms, including Binance, Kraken, and KuCoin. The probe aims to understand what protections these companies have in place to safeguard investor assets and prevent a similar disaster to the FTX failure.
In letters dated November 28th, Senator Wyden targeted Binance, Coinbase, Bitfinex, Gemini, Kraken, and KuCoin, demanding details on the safeguards they have in place in the event of a collapse similar to the one that occurred at FTX. He specifically requested financial data, including balance sheets, to assess how these exchanges are managing user assets and the protective systems they utilize.
The Senator\'s inquiry extends to how Binance, Coinbase, Kraken, Bitfinex, and Gemini plan to protect customers in the event of a liquidity crisis or market downturn. Wyden\'s concerns stem from the widespread damage caused by the fall of FTX, highlighting the need for robust consumer protection measures within the cryptocurrency industry. He’s particularly interested in preventing these firms from experiencing the same liquidity problems that plagued FTX.
The requested information encompasses various aspects of each exchange\'s operations, focusing on risk management, asset security, and compliance protocols. The letters to Binance, Coinbase, Bitfinex, Gemini, Kraken, and KuCoin seek to uncover the measures these platforms have implemented to ensure the safety and security of user funds.
This investigation arrives amidst increased scrutiny of the cryptocurrency market, with a bipartisan group of senators also expressing concerns about Binance, alleging it\'s a "hotbed of illegal financial activity," according to a WSJ report. Senator Wyden\'s actions underscore the Senate Finance Committee\'s commitment to consumer protection within the rapidly evolving crypto landscape. Binance.US and Coinbase (COIN) are also under the microscope, as Wyden examines the adequacy of their investor protection mechanisms.
