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BitFlyer USA Fined $1.2M by NYDFS for Not Meeting Cybersecurity Requirements
The crypto exchange has proposed a plan to make it compliant with the state's cybersecurity regulations by the end of the year.
Crypto exchange bitFlyer USA was fined $1.2 million by New York State Department of Financial Services (NYDFS) for failing to meet the state's cybersecurity requirement, the regulator said on Wednesday.
The financial regulator said bitFlyer USA failed to meet the state's cybersecurity regulation, despite having a license to operate in New York.
STORY CONTINUES BELOW
However, NYDFS acknowledged bitFlyer USA's efforts to step up its cybersecurity. The exchange presented the regulator with a remediation plan, which aims to make bitFlyer USA compliant with the states cybersecurity laws by the end of the year.
BitFlyer is the latest in a series of crypto companies that have been been fined by New York's financial regulator for various violations. In January, Coinbase (COIN) paid $50 million to settle charges that it let users open accounts without having conducted sufficient background checks, while Robinhood Markets' (HOOD) crypto division paid $30 million last year for anti-money laundering and cybersecurity violations.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
