NYDFS makes licensed crypto firms answer for their promoters and impostors

New York’s Department of Financial Services (NYDFS) has issued new rules that make licensed crypto firms responsible for the influencers they hire for ads and for their impostors too. Crypto firms have until May 10, 2027, to comply with its new rules. What does the new NYDFS guidance require from crypto firms? Licensed virtual currency entities, known as VCEs, now have to operate under the new rules issued by the New York State Department of Financial Services (NYDFS). Acting Superintendent Kaitlin Asrow laid out the rules. First, a firm must be able to prove any claim it makes in an ad. Second, every ad must make clear which licensed company is behind it. Lastly, firms must have real internal processes for how marketing is built, reviewed, and approved.

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