New York’s financial regulator has introduced new customer service guidelines for cryptocurrency companies. The new guidance announced by the New York State Department of Financial Services (DFS) requires those companies to uphold “effective” policies and procedures to promptly address customer service issues, and to collect relevant data to make...
The New York State Department of Financial Services (DFS) said Wednesday (Feb. 28) that Gemini Trust Company has agreed to return at least $1.1 billion to customers of its Gemini Earn Program. The decision comes in response to Gemini’s failure to conduct due diligence, the DFS said in a...
The New York State Department of Financial Services (DFS) has announced that Genesis Global Trading will pay an $8 million penalty to the state and surrender its BitLicense. These moves come after a DFS investigation found “significant” failings in the company’s anti-money laundering (AML) and cybersecurity programs, the regulator...
Metropolitan Commercial Bank (MCB) has agreed to pay a penalty of $15 million following an investigation by the New York State Department of Financial Services (DFS). Superintendent of Financial Services Adrienne A. Harris announced that MCB had failed to properly oversee its MovoCash Digital Prepaid...
April 28, 2023
In a scathing self-assessment, the Federal Reserve’s autopsy on Silicon Valley Bank’s failure puts blame partially on its own doorstep, as regulator reports on Signature Bank’s collapse cite the lender’s “poor management.” The autopsy on failure has been released ahead of schedule. The 114-page unflinching and, at times, self-critical post-mortem review of the central bank’s […]
May 30, 2024
New York’s financial regulator has introduced new customer service guidelines for cryptocurrency companies. The new guidance announced by the New York State Department of Financial Services (DFS) requires those companies to uphold “effective” policies and procedures to promptly address customer service issues, and to collect relevant data to make sure these companies are resolving the complaints in a fair, […]
February 28, 2024
The New York State Department of Financial Services (DFS) said Wednesday (Feb. 28) that Gemini Trust Company has agreed to return at least $1.1 billion to customers of its Gemini Earn Program. The decision...
January 12, 2024
The New York State Department of Financial Services (DFS) has announced that Genesis Global Trading will pay an $8 million penalty to the state and surrender its BitLicense. These moves come after a DFS...
October 19, 2023
Metropolitan Commercial Bank (MCB) has agreed to pay a penalty of $15 million following an investigation by the New York State Department of Financial Services (DFS). Superintendent of Financial Services...
