New York Financial Regulator: Virtual Currency Firms Must Comply with New Client Server Obligations

"Regardless of the company or product involved, consumers are entitled to a transparent and timely complaint resolution and question-answering process," Adrienne Harris, director of the New York State Department of Financial Services, said in a statement. Virtual currency companies licensed in New York must analyze requests and complaints received on a quarterly basis and are monitored by the New York State Department of Financial Services.
New York's top financial regulator said companies designated as "virtual currency entities" (VCEs) in New York need to have policies and procedures in place to "deal with Client Server requests and complaints in a timely manner."