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NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry

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On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue … Read more

Coinbase Agrees to $100 Million Settlement With New York Financial Regulator for Anti-Money Laundering Violations

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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

BitLicensed Crypto Firms Ordered to Pay Annual Assessment Fees in New York

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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