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Friday, 9 February 2018

New York regulator is not here to play with Crypto market manipulators

  • New York State Department of Financial Services (DFS) has issued a guidance paper on Wednesday. The guidance paper was to remind all cryptocurrency companies licensed by it that they are required to implement measures designed to effectively detect, prevent, and respond to fraud, attempted fraud, and similar wrongdoing. 
  • So far the regulator has granted six Bitlicenses these includes Bitflyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and itBit Trust Company.
  • The NY regulator In addition, reminded Bitlicense holders that they must be especially be watchful against efforts at market manipulation.
  • DFS main aim still remains to direct virtual currency companies to take the necessary steps to guard against fraud, and to be extra vigilant about manipulation. By these actions, the market can evolve with strong regulatory supervision.

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