The finance regulator in New York has introduced guidelines for listing and delisting cryptocurrencies to help protect investors.
The New York Financial Department Services (NYFDS) unveiled these new plans today. Crypto companies must now submit their coin listing and delisting policies to the NYFDS. Technological, operational, cybersecurity, market, liquidity and illicit activity risks are the main priority of the NYFDS and will be the must examined and scrutinized by the department.
Paypal, Gemini, Circle and Robinhood are among the companies that must comply with the new rules. All affected firms must meet with the NYDFS by Dec. 8, 2023, to preview their draft coin listing and delisting policies and submit them by Jan. 31, 2024.
NYDFS said it has improved its processes and now have better ability to identify cryptocurrency-related illicit activities, such as insider trading and market manipulation.
