NYDFS Releases New Guidelines on Listing and Delisting Crypto on Trading Platforms

Last updated:
Author
Hongji Feng
Author Categories
About Author

Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
New York State Department of Financial Services
Source: NYDFS

The New York State Department of Financial Services (NYDFS), the authority that supervises and regulates activities of financial institutions in the State of New York, has released a guidance that regulate the listing and delisting of cryptocurrencies.

The updated guidance, named Guidance Regarding Listing of Virtual Currencies, was published by Superintendent Adrienne Harris after the NYDFS proposed its draft in September and consulted for public comment about the content.

What the New Guidance Means

The guidance aims to heighten the standards for the current crypto listing and delisting process. According to the guidance, all New York-charted virtual currency businesses, or VC Entities, should submit their coin-listing and coin-delisting policies for the agency’s approval. The NYDFS stated that no coin-listing policy will be approved without its accompanying coin-delisting policy.

If the VC Entities fail to implement their approved listing and delisting policies, they are not allowed to list or delist any coins not included in the NYDFS’s “greenlist.”

The guidance demands that if a listed coin is identified as presenting “newly elevated risk,” “whether through a VC Entity’s monitoring process, a DFS-identified weakness or vulnerability, or otherwise,” the VC Entities must discontinue the support of that coin.

“This guidance continues the Department’s commitment to an innovative and data-driven approach to virtual currency oversight, keeping pace with industry developments,” said Superintendent Harris. “DFS is consistently at the forefront of virtual currency regulation, translating years of knowledge and experience into timely and relevant guidance which protects consumers and markets.”

The letter states that the Guidance Regarding Listing of Virtual Currencies is effective immediately and will entirely supersedes the Guidance Regarding Listing of Virtual Currencies, known as the Prior Guidance published in 2020.

All VC Entities are required to meet with the NYDFS by December 8, 2023, with their coin-delisting policy drafts. The final coin-delisting policies must be submitted to the NYDFS for approval by January 31, 2024.

More Articles

Blockchain News
NY State Senator Proposes Bill to Establish Crypto Research Task Force
Sujha Sundararajan
Sujha Sundararajan
2025-02-13 06:04:58
Altcoin News
South Korea’s FSC to Roll Out Three-Phase Plan for Corporate Crypto Trading: Report
Jai Pratap
Jai Pratap
2025-02-13 05:55:33
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors