New York Introduces New Customer Service Obligations for Virtual Currency Firms
New York’s top financial regulator, the New York State Department of Financial Services, has issued guidance for companies designated as “virtual currency entities” (VCEs) in the state.
VCEs, which include companies with New York’s BitLicense and limited purpose trust companies under the New York Banking Law, must have policies and procedures in place to promptly address customer service requests and complaints.
This includes updating customers on outstanding requests and complaints. NYDFS Superintendent Adrienne Harris emphasized the importance of transparency and a positive customer experience for all businesses, regardless of the product or service.
The guidance is part of NYDFS’ VOLT initiative to strengthen its oversight of virtual currencies.
