The New York State Department of Financial Services (NYDFS) ordered the cryptocurrency exchange BitFlyer USA to pay a $1.2 million fine for not abiding by the state’s cybersecurity regulations.
However, the watchdog endorsed the company’s efforts to upgrade itself in that field by the end of 2023.
The NYDFS Strikes Again
New York’s regulator enforced the penalty after discovering “multiple deficiencies” in the cybersecurity program of BitFlyer USA. It reminded that the NYDFS is the main watchdog in the state, and as such, its Superintendent has the authority to conduct investigations and impose fines if necessary.
According to the local requirements, BitFlyer and all other crypto exchanges licensed by the regulator should set up an appropriate cybersecurity program “to ensure the availability and functionality of the licensee’s electronic systems and to protect those systems.” That scheme should notify about potential internal and external cyber risks, granting maxi
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