NYDFS launches stricter cryptocurrency listing and delisting guidelines

The New York State Department of Financial Services (NYDFS) has strengthened its guidance on cryptocurrency listings or delistings to enhance protections for cryptocurrency investors across the state, Director Adrienne A. Harris said in a statement on Wednesday.

The updated guidance will require cryptocurrency companies to submit their token listing and delisting policies for NYDFS approval. The companies' policies will be measured against more stringent risk assessment criteria to ensure delistings are conducted in an orderly manner, protecting consumers and minimizing market disruption, the statement said.

Harris said: “This guidance continues the Department’s commitment to adopting an innovative and data-driven approach to virtual currency regulation, keeping pace with industry developments.”

The new rules also require companies to delist tokens Racks are offering upfront payments and being more transparent with customers about removing support for cryptocurrencies they once listed. In addition, companies must develop policies based on the specific business model, operations, customers and counterparties, operating geographies and service providers; as well as the use, purpose and specific characteristics of the coin under consideration.

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