PANews reported on May 30 that according to The Block, New York State's top financial regulator said that companies designated as "virtual currency entities" (VCE) in New York need to develop policies and procedures to "handle customer service requests and complaints in a timely manner." Adrienne Harris, director of the New York State Department of Financial Services, issued the guidance on Thursday, calling on virtual currency custodians to inform customers of their unresolved requests and complaints. New York State's definition of virtual currency custodians includes companies with New York BitLicensees and limited purpose trust companies licensed to engage in virtual currency business activities under the New York Banking Act. In other words, this basically means cryptocurrency businesses that have obtained a license to operate in New York.
"Consumers have the right to a transparent and timely complaint resolution and question answering process, regardless of the company or product involved," Harris said in a statement. "This guidance outlines clear expectations for a positive customer experience, which is beneficial to both consumers and businesses." The statement said the New York State Department of Financial Services' latest guidance is part of its VOLT program, which aims to strengthen regulators' oversight of virtual currencies.
The New York State Department of Financial Services said “virtual currency entities” must provide customers with a way to submit complaints and requests by phone or text capabilities such as email or chat, and provide customers with regular updates and estimated timelines.