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The New York Department of Financial Services, or NYDFS, has released guidelines on how licensed crypto firms should handle customer assets should they face “insolvency or similar proceeding”.In a Jan. 23 announcement, NYDFS superintendent Adrienne Harris said crypto firms and exchanges operating under a BitLicense — required in New York
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Major exchange Coinbase saw its stock rise markedly after it announced a settlement with a state financial services regulator. Coinbase Global Inc (NASDAQ: COIN) stock jumped 12% Wednesday on news that it had reached a settlement with a New York regulator. According to reports, the leading American crypto exchange
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Only crypto companies with a BitLicense – a special business license granted by NYDFS that allows firms to business in New York – will be subject to the assessments. Just 22 companies currently hold a BitLicense, which is notoriously difficult to obtain, and only three have been issued this year. Source
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“There’s a lot of talk when you talk to other regulators, I think most particularly in the federal government, about a ‘race to the bottom,’ that states will regulate differently, and those with lower standards are going to attract more companies,” Harris said. “But we haven’t really seen that play
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In a letter published on Thursday, the New York State Department of Financial Services, or NYDFS, recommended that all virtual currency companies operating under New York banking law adopt blockchain analytics to trace transactions. In supporting the decision, the regulatory agency wrote:"Wallet addresses are typically pseudonymous, with nothing on the
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The New York State Senate is boosting the state’s Department of Financial Services (NYDFS) efforts to oversee the cryptocurrency sector. The Senate passed its fiscal year 2023 budget early Saturday, which included a provision tasking NYDFS with developing a new “assessment” or charge for the cryptocurrency companies it oversees to
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"Serving the U.S. market would require quite a lot of effort, time and investment, it would require a separate organization within Xapo to support it and it would still yield a worse product than what we can offer internationally," Xapo founder Wences Cesares said at the time. Source
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The NYDFS had been looking to fill this role for some time. The position is in its Research and Innovation Division and has a special focus on virtual and digital currencies, blockchain, distributed ledger technology and other related innovative and derivative products and technologies, according to the initial job posting. Original
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Cryptocurrency entities licensed under the New York’s Financial Services Law (FSL) should pay the costs of regulatory oversight, Governor Andrew Cuomo believes.The Democratic Governor purportedly wants the state authorities to amend the FSL in order to require virtual currency-related entities within the FSL jurisdiction to foot the bill for
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Crypto exchange Binance is launching a dollar-backed stablecoin in the U.S. Moreover, the new Binance USD (BUSD) has received the blessing of the New York Department of Financial Services (NYDFS). The exchange announced Thursday that NYDFS had approved the
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