New York state regulators require local cryptocurrency companies to comply with new customer service obligations

ChainCatcher news, according to The Block, the top financial regulator in New York State has stated that companies designated as "Virtual Currency Entities" (VCE) in New York must establish policies and procedures to promptly address customer service requests and complaints.

Adrienne Harris, the Superintendent of the New York State Department of Financial Services, stated in a statement that consumers have the right to a transparent and timely complaint resolution and issue response process, regardless of which company or product is involved. This means that virtual currency companies licensed in New York must analyze the requests and complaints received on a quarterly basis and are subject to monitoring by the New York State Department of Financial Services.