NYDFS Rolls Out Stricter Guidelines for Cryptocurrency Listings, De-listings

The new approval process for token listing and delistings forms part of NYSDFS' plans to "protect consumers and minimize market disruption."

AccessTimeIconNov 15, 2023 at 11:57 p.m. UTC

The New York State Department of Financial Services (NYDFS) has said it strengthened its guidelines for listing or de-listing cryptocurrencies in a move to beef up protections for crypto investors throughout the state, NYDFS Superintendent Adrienne A. Harris said Wednesday in a statement.

The updated guidelines will require crypto companies to submit their coin listing and delisting policies for NYDFS approval. The firms' policies will be measured against more stringent risk assessment standards to ensure that de-listings occur "in an orderly way that protects consumers and minimizes market disruption," according to the statement.

“This guidance continues the Department’s commitment to an innovative and data-driven approach to virtual currency oversight, keeping pace with industry developments,” Harris said.

The new rules also require companies to give advance for token de-listings and to be more transparent with their customers about removing support for cryptocurrencies they once listed. In addition, the companies must formulate their policies based upon “specific business model, operations, customers and counterparties, geographies of operations, and service providers; and to the use, purpose, and specific features of coins being considered.”

The NYDFS' rollout of the revised guidance follows a feedback period that began in September.

Edited by Nikhilesh De.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Elizabeth Napolitano

Elizabeth Napolitano was a news reporter at CoinDesk.