New York, a state known for having the most onerous operating requirements, is putting digital asset firms on notice: Don't trip up.
Meanwhile, New York Attorney General Letitia James earlier this month sued Alex Mashinsky, founder of the now-bankrupt Celsius Network, for"Today’s guidance reminds DFS-regulated virtual currency companies of our expectations regarding the safekeeping of customer assets," superintendent Adrienne Harris said in a press statement.Keeping customer funds segregated from corporate assets.
Banking law grants Harris the authority to take possession of any banking organization's business and property under some conditions, like if it were insolvent.Of note: Gemini would be considered a banking organization as a holder of the state's charter.
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