New York State Department of Financial Services (NYDFS) fined cryptocurrency exchange bitFlyer USA for $1.2 million for non-compliance with state cybersecurity requirements.
The financial regulator revealed a violation, despite the fact that the platform has a license in New York.
However, the NYDFS acknowledged bitFlyer USA’s efforts to improve cybersecurity. The exchange has submitted a remedial plan to the regulator that aims to bring the company into compliance with state cybersecurity laws by the end of the year.
Recall that in February, the NYDFS initiated an investigation against the infrastructure company Paxos, which is the issuer of the stablecoins Pax Dollar and Binance USD. The regulator ordered to stop the production of the latter.
Paxos stopped issuing BUSD in accordance with the instructions of the regulator, but will continue to support buyback and conversion operations until at least February 2024.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
New York State Department of Financial Services (NYDFS) fined cryptocurrency exchange bitFlyer USA for $1.2 million for non-compliance with state cybersecurity requirements.
The financial regulator revealed a violation, despite the fact that the platform has a license in New York.
However, the NYDFS acknowledged bitFlyer USA’s efforts to improve cybersecurity. The exchange has submitted a remedial plan to the regulator that aims to bring the company into compliance with state cybersecurity laws by the end of the year.
Recall that in February, the NYDFS initiated an investigation against the infrastructure company Paxos, which is the issuer of the stablecoins Pax Dollar and Binance USD. The regulator ordered to stop the production of the latter.
Paxos stopped issuing BUSD in accordance with the instructions of the regulator, but will continue to support buyback and conversion operations until at least February 2024.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!