Virtual currency firms in New York will have to follow new customer service obligations, state’s financial watchdog says | Headlines | News | CoinMarketCap
05/30/2024 22:10
Companies designated as "virtual currency entities" (VCEs) in New York will need policies and procedures in place to "promptly address customer …
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Published on May 30, 2024 14:50 GMT+00:00edited on May 30, 2024 14:54 GMT+00:00
Companies designated as "virtual currency entities" (VCEs) in New York will need policies and procedures in place to "promptly address customer services requests and complaints," according to the state's top financial watchdog.
New York State Department of Financial Services Superintendent Adrienne Harris issued that guidance on Thursday, calling on VCEs to update customers on their outstanding requests and complaints. The state defines VCEs to include companies that have New York's BitLicensees, as well as those chartered as limited purpose trust companies under the New York Banking Law, to engage in virtual currency business activity. In other words, this basically means cryptocurrency businesses that are licensed to operate in New York.
“Consumers have a right to a …