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In Wake of FTX, New York Reminds Crypto Firms to Segregate Customer Funds
The crypto exchange's bankruptcy proceedings revealed poor segregation of customer funds, so the New York regulator is reminding service providers to keep clean records.
Автор Sandali Handagama
New York's top financial regulator on Monday published guidance for crypto companies to improve customer protection in the event of insolvency or a similar proceeding – including a requirement for firms to keep customer funds separate.
The New York Department of Financial Services (NYDFS) reiterated its requirements for record-keeping as a number of crypto entities, including Sam Bankman-Fried's FTX exchange, is undergoing bankruptcy proceedings in the U.S.
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Former FTX management is alleged to have misappropriated customer funds, including to prop up the exchange's sister trading firm Alameda Research ahead of its collapse. FTX's new CEO, John J. Ray III, has also lambasted the company's previous management for its poor record-keeping.
"As stewards of others’ assets, virtual currency entities ('VCE') that act as custodians ('VCE Custodians') play an important role in the financial system and, therefore, a comprehensive and safe regulatory framework is vital to protecting customers and preserving trust," the NYDFS said.
The guidance is meant to offer "greater clarity" regarding standards and practices to help ensure a "high level of customer protection with respect to asset custody" under the NYDFS' BitLicense regime, set up in 2015.
Companies regulated under the BitLicense regime are required to "custody customer virtual currency properly and maintain appropriate books and records," including segregating and separately accounting for customer funds. The regulator also requires companies to maintain clear records and "disclose to each customer in writing the general terms and conditions associated with its products, services and activities."
Read more: New FTX Boss Condemns Management of the Crypto Exchange During Sam Bankman-Fried's Tenure
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
Что нужно знать:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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