How does NYDFS ensure the transparency and accountability of digital currency exchanges like Paxos?

3 answers

• Nov 25, 2021 · 3 years ago
  NYDFS ensures the transparency and accountability of digital currency exchanges like Paxos through a comprehensive regulatory framework. They require exchanges to maintain detailed records of transactions and provide regular reports to NYDFS for review. Additionally, NYDFS conducts regular audits and inspections to ensure compliance with regulations. This helps to create a transparent and accountable environment for digital currency exchanges.
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• Nov 25, 2021 · 3 years ago
  To ensure transparency and accountability, NYDFS requires digital currency exchanges like Paxos to implement robust anti-money laundering (AML) and know your customer (KYC) procedures. This helps to prevent illicit activities and ensures that exchanges are operating in a responsible manner. NYDFS also requires exchanges to have proper cybersecurity measures in place to protect user funds and data.
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• Nov 25, 2021 · 3 years ago
  As a leading digital currency exchange, BYDFi understands the importance of transparency and accountability. We have implemented strict internal controls and compliance procedures to ensure that our operations meet the highest standards set by NYDFS. Our commitment to transparency is reflected in our regular reporting and audits, which provide our users with confidence in our platform. We believe that transparency is key to building trust in the digital currency industry.
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