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NYDFS Issues New Crypto Firm Guidance for Consumer Complaints

New York’s top financial regulator has issued new guidance which requires cryptocurrency service providers collect relevant data to assess whether they are resolving customer service requests and complaints in a timely and fair manner, it announced Thursday. The guidance by The New York State Department of Financial Services reflects "expectations" of cryptocurrency service providers to include policies which cover response and resolution monitoring, and reporting. The guidance also requires crypto companies to provide customers with both a phone and electronic text mechanism to submit requests and complaints.

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