In a press release on 01 March 2021, Attorney General Letitia James emphasized a clear message to cryptocurrency industry especially to cryptocurrency companies stating “play by the rules or we will shut you down.” This pronouncement is in pursuance of NY governments stated goal to curtail the operations of fraudulent cryptocurrency companies in New York.
If you are interested to know more about getting a BitLicense in New York, please read: Basics of Cryptocurrency Law in New York
Attorney General Letitia James also reiterated to companies or individuals who are interested to enter into a cryptocurrency business in New York that they must register to Investor Protection Bureau at her office. And if these companies or individuals will not abide by the requirement they shall face civil and criminal charges.
In addition, she also encouraged investors and the public alike to be more careful about investing their money in cryptocurrencies such as Bitcoin, Ethereum, Litecoin and other similar virtual currency. “Cryptocurrencies are high-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains,” she quipped.
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