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Will Snapchat open the floodgates for insider trading?

Regulators are worried that Wall Street traders might be surreptitiously sharing secrets on Snapchat, the app whose images self-destruct after a number of seconds. It's great for sexting. It's also great for sharing financial secrets.

"Technology is a big deal, and insider trading is a crime of communication," Preet Bharara, U.S. Attorney for New York's Southern District, said at a CNBC Tuesday. "To the extent people can figure out ways to communicate by IM or Snapchat ... law enforcement needs to think about that."

That's basically official acknowledgment of concerns raised last month by New York magazine's Kevin Roose. Young traders, Roose suggested, were flocking to the app as a way to keep indulging their social media addictions going and not lose their jobs.

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