Tag: NYDFS

Winklevoss’s Gemini to Return $1.1 Billion to Customers in NY Settlement – Bloomberg

Gemini Trust Co., the crypto exchange founded by twin entrepreneurs Cameron and Tyler Winklevoss, will return at least $1.1 billion to customers though the Genesis Global Capital bankruptcy as part of settlement with the New York Department of Financial Services. The New York-based firm will also pay a $37 million fine for various compliance failures to the New York Department…

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ICBC Fined $32 Million by New York’s Financial Regulator and Fed for Compliance Failures – WSJ

Industrial & Commercial Bank of China will pay about $32 million to resolve investigations into alleged compliance problems at the bank’s New York branch. ICBC, the world’s largest bank by assets, entered into settlements with the Federal Reserve and the New York State Department of Financial Services, the regulators said Friday. ICBC will pay $30 million in connection with an…

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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…

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NYDFS Rolls Out Stricter Guidelines for Cryptocurrency Listings, De-listings

The New York State Department of Financial Services (NYDFS) has said it strengthened its guidelines for listing or de-listing cryptocurrencies in a move to beef up protections for crypto investors throughout the state, NYDFS Superintendent Adrienne A. Harris said Wednesday in a statement. The updated guidelines will require crypto companies to submit their coin listing and delisting policies for NYDFS…

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NY Financial Regulator Rolls Out Updated Cybersecurity Standards

New York regulators assigned heightened cybersecurity requirements to banks, insurers, and financial services providers based in the state with the release of finalized rule amendments Wednesday. Covered entities will have to use multifactor authentication, expand cybersecurity governance duties, and conduct consistent threat testing under the regulation updated by the New York Department of Financial Services. Source: NY Financial Regulator Rolls…

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Top crypto state regulator to step down, headed to private sector | Fox Business

One of crypto’s top state regulators is leaving his post by the end of the month, FOX Business has learned. Peter Marton, deputy superintendent of virtual currency at the New York State Department of Financial Services, will step down from his job effective Sept. 29, according to an internal memo seen by FOX Business. The memo and Marton’s departure haven’t been publicly reported. In it, the department’s superintendent, Adrienne Harris, said Marton will pursue opportunities in…

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New York cybersecurity official joins Mayer Brown law firm | Reuters

Mayer Brown on Wednesday said it has added a cybersecurity leader from New York’s state government as a litigation partner. Justin Herring, who was executive deputy superintendent of the New York State Department of Financial Services’ (NYDFS) cybersecurity division until last week, has joined Mayer Brown’s New York office, the firm said. Source: New York cybersecurity official joins Mayer Brown…

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NYDFS Chief Dismisses ‘Choke Point 2.0’ Theory of Signature’s Closure as ‘Ludicrous’

Speaking to the audience at blockchain analytics firm Chainalysis’ Links conference in New York on Wednesday, Harris said the decision by her office to step in and shut down Signature was totally unrelated to crypto. “The idea that taking possession of Signature was about crypto, or that this is Choke Point 2.0 is really ludicrous,” Harris said. “I mean, I…

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Coinbase Reaches $100 Million Settlement With New York Regulators – The New York Times

Coinbase, a publicly traded cryptocurrency trading exchange based in the United States, agreed to pay a $50 million fine after financial regulators found that it let customers open accounts without conducting sufficient background checks, in violation of anti-money-laundering laws. The settlement with the New York State Department of Financial Services, announced Wednesday, will also require Coinbase to invest $50 million…

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