US: New York Financial Services Department Issues Guidance on Prevention of Market Manipulation

On February 7, 2018 the New York State Department of Financial Services (NYDFS) published guidance for virtual currency business entities that are either licensed under 23 NYCRR Part 200 or chartered as a limited purpose trust company under the New York Banking Law, reminding them to implement measures to detect, prevent and respond to fraud and be vigilant against market manipulation.

The guidance is not aiming to limit the scope or applicability of any law or regulation.

Along with the development of virtual currency-related markets, the NYDFS stresses that:

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