NYDFS

Crypto custodians should not establish a debtor-creditor relationship with customers, New York’s Department of Financial Services says

Coinbase’s settlement with a New York regulator marks one of the industry’s largest to date in US dollar terms

Per the guidance, which goes into effect immediately, banks must submit a business plan including a risk assessment and the costs and revenue targets associated with the crypto activity

Obtaining a New York BitLicense was already considered prohibitively expensive, but the regime looks set to cost crypto companies even more