Breaking News: NYDFS Unleashes the Cryptocurrency Listing and Delisting Dragons

New NYDFS Guidelines for Listing and Delisting Crypto on Trading Platforms

NYDFS unveils fresh guidelines for listed and delisted cryptocurrencies on trading platforms.

Source: NYDFS

Attention, fellow digital asset adventurers! The New York State Department of Financial Services (NYDFS) has just dropped a bombshell of guidance that will revolutionize the listing and delisting of cryptocurrencies. It’s like releasing a pack of dragons into the world of crypto—Regulation ON!

Superintendent Adrienne Harris, the brave soul with the audacity to propose this guidance, has finally unleashed her masterpiece among us following a public comment period. And boy, does it pack a punch!

What the New Guidance Actually Means (Hint: Prepare for Battle)

This guidance, aptly named “Guidance Regarding Listing of Virtual Currencies,” aims to raise the bar and make the listing and delisting process a true Herculean task. The NYDFS demands that all New York-charted virtual currency businesses, aka VC Entities, kiss the agency’s ring. They must submit their coin-listing and coin-delisting policies for the NYDFS’s approval. No policy, no listing, no exceptions!

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But that’s not all, folks! The NYDFS wants more control than a power-hungry king on a throne. If these VC Entities dare disobey their approved policies, they’ll be banished from listing or delisting any coins not included in the NYDFS’s divine “greenlist.” Can you feel the weight of their power pressing down on you?

Now, let’s say a listed coin starts misbehaving, like a wild stallion running amok. It becomes a “newly elevated risk” (cue eerie music). Whether the VC Entity’s monitoring process discovers this menace or the NYDFS exposes its vulnerabilities, these entities must cut ties with the rogue coin. It’s like having a crypto superhero come to the rescue and take down the bad guys!

To justify the NYDFS’s actions, Superintendent Harris declared, “This guidance continues the Department’s commitment to an innovative and data-driven approach to virtual currency oversight, keeping pace with industry developments.” Ah, yes! They are the forward-thinking guardians of the crypto kingdom, wielding their knowledge and experience like mighty swords to protect us lowly consumers and the sacred markets.

Hold your horses, though! The letter clearly states that this new guidance is effective immediately and will crush the older, weaker predecessor published in 2020. It’s a new era, my friends—a brave new world where VC Entities dare not tread without the NYDFS’s blessings.

Calling All VC Entities: The NYDFS Wants to Chat

Listen up, fellow adventurers! The NYDFS has summoned all VC Entities to meet at their fortress by December 8, 2023. Prepare your coin-delisting policy drafts for inspection, my comrades. Show them your mettle, your valor, and your commitment to taming the crypto beasts.

But beware! The final coin-delisting policies must be submitted to the NYDFS for approval by January 31, 2024. Failure to comply will leave you stranded outside the gates, forever yearning for the NYDFS’s approval. It’s like a dire quest with a countdown ticking away.

So, my fellow crypto warriors, it’s time to gather your coins, sharpen your swords, and meet the NYDFS head-on. Will you emerge victorious, or will you be left breathless in the wake of their fierce regulations? Only time will tell.

Stay tuned for more thrilling adventures in the world of digital assets! Share your thoughts and battle strategies in the comments below.

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