Regulators Not Afraid to Take Action Against Crypto Rule Breakers, NYDFS Chief Adrienne Harris Says

The New York State Department of Financial Services (NYDFS) is not afraid to bring enforcement actions against crypto companies that do not follow its rules, Superintendent Adrienne Harris said at a Financial Times event on Tuesday.

The regulator has taken action against some of the biggest names in crypto. In January, the Coinbase (COIN) exchange had to pay a $50 million fine to settle NYDFS charges that it allowed users to set up accounts without conducting sufficient background checks. Last year, trading platform Robinhood (HOOD) was fined $30 million for allegedly violating anti-money laundering and cybersecurity regulations.

“So we’ve really spent a lot of time doing what I call when I first came into office, a tone reset, to say you are regulated, here are the expectations, here are the rules, and when you don’t follow them, we will bring enforcement actions,” said Harris.

Source: Regulators Not Afraid to Take Action Against Crypto Rule Breakers, NYDFS Chief Adrienne Harris Says