Regulators in New York Taking Aim at Crypto Firms That Mishandle Customer Funds: Report

Regulators in New York Taking Aim at Crypto Firms That Mishandle Customer Funds: Report


The New York state financial regulator is preparing to release new guidelines aimed at preventing another co-mingling crypto collapse like FTX.

According to a new report from Reuters, the New York State Department of Financial Services (NYDFS) is releasing regulations today that will ensure that crypto companies will keep customers’ digital assets separate from their own.

The guidelines will also inform crypto firms how they must disclose to customers their accounting methods for clientele digital assets. It is the latest in a series of new regulations announced by NYDFS over the last year.

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In December 2022, the state regulator published new rules for banks planning to submit proposals to venture into crypto.

Under the guidance released last month, New York-regulated banking organizations and NYDFS-licensed foreign banking organizations were

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