Money related Services Superintendent Maria T. Vullo today declared that the New York State Department of Financial Services (DFS) has endorsed the uses of Robinhood Crypto LLC, an auxiliary of Robinhood And LibertyX Get New York
"DFS keeps on driving the path in capably administering and propelling development in New York's prospering budgetary innovation part through a
“We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform. The NYDFS has been very helpful throughout this process, and we look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York,”
The approvals granted by DFS today follow a comprehensive and rigorous review of all applications and are subject to significant regulatory conditions all of which will be subject to examination and inspection by DFS examiners as well as independent consultants to ensure that important protections for New York markets and consumers are being met. DFS’s approval is based on stringent requirements including:
- Implementing monitoring and updating effective risk-based controls and appropriate BSA/AML and OFAC controls to prevent money laundering or terrorist financing;
- Implementing, monitoring and updating effective risk-based controls to prevent and respond to any potential or actual wrongful use of Bitcoin, including but not limited to its use in illegal activity, market manipulation, or other similar misconduct, as required by DFS’s February 7, 2018, “Guidance on Prevention of Market Manipulation and Other Wrongful Activity”;
- Complying with DFS’s transaction monitoring and cybersecurity regulations; and
- Maintaining policies and procedures for consumer protection and to promptly address and resolve customer complaints.
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