NYDFS Issues New Crypto Firm Guidance for Consumer Complaints
Summary
The New York State Department of Financial Services (NYDFS) has issued new guidance requiring cryptocurrency service providers to collect data to assess their resolution of customer service requests and complaints. The guidance expects providers to have policies for response and resolution monitoring and reporting, including a quarterly analysis of received requests and complaints. Providers must also offer customers phone and electronic text mechanisms for submitting requests and complaints. The NYDFS has previously issued stricter guidelines for cryptocurrency listing and de-listings, and has levied over $177 million in penalties against non-compliant cryptocurrency companies.
