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The New York financial regulator wants trading firms to clarify how exactly they decide to list or delist a crypto currency. The New York State Department of Financial Services (NYDFS) is set to introduce new guidance about crypto listing process for crypto companies in an effort to make it clear how the industry should self-regulate. A spokesperson for the NYDFS told The Wall Street Journal that the guidance was needed to protect customers even when exchanges have to delist a coin. “When we know that a coin that someone once thought was OK, when we see that new risks have emerged or the coin is being misused, we want our entities to have a way to delist the coin in a way that’s still protective of consumers and protects safety and soundness as well.” Adrienne Harris, NYDFS Superintendent The financial watchdog is particularly asking crypto companies to develop new policies for listing and delisting processes. The firms should focus their policies on three areas: go...

The platform was charging investors ‘exorbitant and undisclosed fees’ with one user being charged recurring fees of $51,000 over a span of 13 months, according to the statement. Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees" for storing Bitcoin on the platform — leading to some accounts being drained entirely of its funds. Based in Brooklyn, Coin Cafe initially filed an application for a virtual currency license with the New York State Department of Financial Services in July 2015, however, was only approved in January this year. Despite the seven-and-a-half-year application process, it was allowed to operate throughout but was flagged as putting “investors at risk,” as it didn’t uphold its obligation to register with the Office of the Attorney General for New York – which all New York broker-dealers are required to do so. On May 18, it was revealed that the exchange had been...