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NYDFS Issues New Guidelines for Crypto Firms for Consumer Complaints
New York’s top financial regulator He released new guidelines requiring cryptocurrency service providers to collect relevant data to assess whether they are resolving customer service requests and complaints in a timely and fair manner, announced Thursday.
The guidance from the New York State Department of Financial Services reflects the “expectations” of cryptocurrency service providers to include policies covering response and resolution monitoring and reporting. The guidance specifically requires that service providers maintain records of policies, including “quarterly analysis of requests and complaints they receive.” The guidance also requires crypto firms to provide customers with both a telephone mechanism and an electronic text mechanism to submit requests and complaints.
“Consumers have the right to a transparent and timely process for resolving complaints and answering questions, regardless of the company or product in question,” said NYDFS Superintendent Adrienne A. Harris. “This guidance outlines clear expectations for a positive customer experience, benefiting both consumers and businesses.”
The adoption of this policy came after extensive research that included meetings with key stakeholders, NYDFS said.
Crypto companies must be regulated by NYDFS to do business in New York. Harris has already done it theories rejected Dubbed alleged coordinated effort among US regulators to isolate the cryptocurrency industry from the banking system Operation Choke Point 2.0, such as “ridiculous” and “silly”. Last year, the NYDFS introduced stricter guidelines for the listing and deletion of cryptocurrencies, requiring crypto companies to submit their coin listing and deletion policies for approval.
To date, the NYDFS has imposed more than $177 million in fines against cryptocurrency companies that fail to comply with several aspects of the law, the DFS said Thursday.