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“A VCE’s customer agreement should make clear the parties’ intentions to enter into a custodial relationship, rather than a debtor-creditor relationship,” said the NYDFS. Go to Source Powered by WPeMatico
Coinbase has agreed to pay a $100 million settlement with the New York Department of Financial Services (NYDFS), according to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023. New York’s financial regulator said compliance problems were detected and the exchange’s anti-money laundering controls were inadequate from 2020 through 2021. … Read more
The state, a notoriously demanding regulator of the industry, has released detailed guidelines for banks’ applications; some licensed banks may have to play catchup. Go to Source Powered by WPeMatico
“As its business grew, Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance,” said superintendent Adrienne Harris. Go to Source Powered by WPeMatico
The regulatory agency asked crypto firms to adopt methods to ensure greater risk assessment for potentially problematic transactions. Go to Source Powered by WPeMatico
The fees will bring virtual currency companies on par with those paid by banking and insurance institutions as a way for the state to recoup operating expense costs and “best support” the industry. Go to Source Powered by WPeMatico
Adrienne Harris said she aims “to ensure we have a robust and fair financial system, and an equitable economy” in her role at the NYDFS. Go to Source Powered by WPeMatico
Goldman Sachs-backed crypto custodian BitGo has acquired a New York Trust license to operate as an independent custodian in the state. Go to Source Powered by WPeMatico
Emerging analytics technology is the name of the game for the next stage in crypto regulation. Go to Source Powered by WPeMatico
The New York State Department of Financial Services, the Bitlicense regulator, has authorized GMO to issue U.S. dollar and Japanese yen-pegged stablecoins. The latter “will be the first of its kind available to the public.” To date, the regulator has given out 27 charters and licenses for companies engaged in crypto activities. First Regulated Yen … Read more
