2024

Bitcoin

Bonk

Virtual currency firms operating in New York are set to undergo rigorous new customer service obligations, following recent guidance issued by the New York State Department of Financial Services (NYDFS).&nbsp; 
NYDFS said VCEs have to <a href="https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202405301" target="_blank" rel="noreferrer noopener nofollow">provide</a> customers with a way to submit complaints and requests through the phone or a text function such as email or chat, and also provide updates regularly and estimated timelines to the customer. 
Upholding Consumer Rights 
NYDFS Superintendent Adrienne Harris emphasizes the necessity of a transparent and timely process for resolving complaints and answering inquiries. Virtual currency entities (VCEs) are now obligated to promptly address customer service requests and complaints. 
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 NEW: DFS Superintendent Adrienne A. Harris Issues New Guidance Regarding Virtual Currency Customer Service Requirements More Here: <a href="https://t.co/2dwwa5yMq2" target="_blank">https://t.co/2dwwa5yMq2</a> <a href="https://t.co/QZK2Pz2Vx1" target="_blank">pic.twitter.com/QZK2Pz2Vx1</a>— NYDFS (@NYDFS) <a href="https://twitter.com/NYDFS/status/1796173913958867199?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 30, 2024</a>
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VCEs, including BitLicensees and limited-purpose trust companies, must establish robust policies and procedures to efficiently handle customer inquiries. They are required to maintain quarterly analyses of customer requests and complaints, subject to NYDFS monitoring. 
The goal of NYDFS’s VOLT initiative, launched to improve virtual currency monitoring, includes this project. Since the inception of the BitLicense program in 2015, NYDFS has taken the lead in regulating the Bitcoin market in New York. 
Great advancements have been made in the virtual currency industry and customer experience, as NYDFS has set new customer service requirements. By implementing clearer expectations and stringent monitoring, the regulator aims to foster trust and accountability among virtual currency firms in New York. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/24/coinbase-adds-bonk-bonk-for-new-york-traders/" target="_blank" rel="noreferrer noopener">Coinbase Adds Bonk (BONK) for New York Traders</a> 
</blockquote>

New York Tightens Customer Service Rules for Virtual Currency Firms

The Crypto Times

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