Under the latest New York Department of Financial Services guidance, custodians are required to "separately account for and segregate customer virtual currency from the corporate assets."
Among Mashinsky's many sins, chief among them is his promise to prospective investors of high yields with minimal risk reassuring that their digital assets would be "as safe as money in a bank."
The New York DFS announced that it had reached a $100m settlement with Coinbase after a probe identified failures in its AML program, including its KYC/customer due diligence (CDD).
Nicholas Truglia was part of a cybercrime ring that stole $23.8 million from New York investor Michael Terpin in 2019, but he’s the only one going to jail.
The proposed regulation is being led by Superintendent Adrienne Harris who is looking for feedback over the next 10 days.
Gov. Kathy Hochul signed the moratorium which was approved by the state senate in June after putting it off for months, even as the industry calls the bill anti-tech.
NYSDFS' Harris claims that New York's regulatory initiatives on digital assets and related products proved to be effective in safeguarding investors, thus the need for it to be adopted nationwide.
The Federal Reserve Bank of New York, which also launched another trial with major U.S. lenders, made it clear that the experiment doesn’t indicate the FedCoin is imminent.
The exploration is part of Project Cedar, an experiment conducted by the BIS to test the worthiness of wholesale CBDC in cross-border transactions.
In the shadow of Chelsea Market, some key figures and founders of the BSV economy walked past glowing NFT art on the walls of the lobby to entice investors with stories of the businesses running on the most scalable blockchain on earth.
AG Letitia James called on any New Yorker deceived by a digital asset firm through withdrawal freezes, layoffs or bankruptcy filings to contact her office.
The two 21-year-olds planned for four days on how to invade a Westchester County home and force the residents to transfer BTC before the FBI thwarted their plan.
