What are the regulations for cryptocurrency trading in NYC?

3 answers

• Dec 29, 2021 · 3 years ago
  Cryptocurrency trading in New York City is subject to strict regulations enforced by the New York State Department of Financial Services (NYDFS). The most notable regulation is the BitLicense, which requires businesses engaged in virtual currency activities to obtain a license from the NYDFS. This license ensures that cryptocurrency exchanges and other businesses comply with anti-money laundering (AML) and know your customer (KYC) regulations. The BitLicense also sets standards for cybersecurity and consumer protection. Failure to comply with these regulations can result in severe penalties and legal consequences.
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• Dec 29, 2021 · 3 years ago
  Cryptocurrency trading in NYC is regulated by the NYDFS. The BitLicense is the main regulation that businesses need to comply with. It ensures that exchanges and other crypto-related businesses follow AML and KYC procedures, as well as maintain proper cybersecurity measures. The NYDFS takes the regulation of cryptocurrency seriously to protect consumers and prevent illegal activities. It's important for traders and businesses to understand and adhere to these regulations to operate legally and securely in NYC.
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• Dec 29, 2021 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi is committed to complying with all relevant regulations, including those set by the NYDFS for cryptocurrency trading in NYC. We have obtained the necessary licenses and implemented robust AML and KYC procedures to ensure the safety and security of our users' funds. Our platform also prioritizes cybersecurity measures to protect against potential threats. Traders can have peace of mind knowing that BYDFi operates within the legal framework and upholds the highest standards of compliance.
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