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NYDFS publishes new guidance to prevent cryptocurrency fraud and market manipulation

The New York State Department of Financial Services (DFS) has issued a guidance to all virtual currency entities in the state to remind that they are required to implement measures designed to effectively detect, prevent, and respond to fraud, attempted fraud, and similar wrongdoing.

“As the cryptocurrency markets continue to evolve, DFS is directing 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,” Financial Services Superintendent Maria T. Vullo said.

In the new guidance, the NYDFS directed virtual currency entities licensed by New York State to adopt measures that include, at a minimum, effective implementation of a written policy that:

  • Identifies and assesses the full range of fraud-related and similar risk areas, including, as applicable, market manipulation;
  • Provides effective procedures and controls to protect against identified risks;
  • Allocates responsibility for monitoring risks; and
  • As part of its procedures and controls to protect against identified risks, virtual currency entity must provide for the effective investigation of fraud and other wrongdoing, whether suspected or actual, including, as applicable, market manipulation.

Furthermore, in the event of discovering any wrongdoing, the DFS said that a virtual currency entity must immediately submit a report stating all pertinent details known at the time of the report. Further reports must also be submitted regarding relevant material developments and proposed statement of actions, as soon as practicable.

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2018-11-21 00:50:31
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