NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency

by Aurelia Butler 23 January 2023, 18:20 179 Views

In a Jan. 23 announcement, NYDFS superintendent Adrienne Harris said crypto firms and exchanges operating under a BitLicense — required in New York state — should segregate corporate funds from users’ virtual currency holdings both on-chain and in the “internal ledger accounts” of the company’s custodian. According to the regulator, crypto firms are expected to hold users’ assets “only for the limited purpose of carrying out custody and safekeeping services”:

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Source: Cryptocurrency - investing.com

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NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency

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