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NY Stresses Anti-Fraud Obligations For Cryptocurrency Cos.

Law360 (February 7, 2018, 8:44 PM EST) -- New York’s top financial regulator on Wednesday issued guidance reminding virtual currency companies licensed by the state that they need to have policies in place to prevent fraud and that they should be on the lookout for market manipulation.

The guidance from the New York State Department of Financial Services describes the minimum standards those anti-fraud controls should meet and elaborates on the obligations virtual currency companies have to report wrongdoing to DFS officials once it’s discovered.

“DFS took the lead in 2015 in regulating the...
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