The New York State Department of Financial Services (NYSDFS) has fined crypto exchange bitFlyer USA $1.2 million, saying the platform failed to develop a sufficient cybersecurity program.
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In a consent order, the NYSDFS said that many of bitFlyer USA's written policies and procedures were "English translations of Japanese originals." Moreover, some portions were poorly translated, while others "were not translated at all," the regulator emphasized.
However, the NYSDFS acknowledged the exchange's willingness to cooperate, as bitFlyer USA devoted "significant financial and other resources to a remediation plan." The regulator added that bitFlyer USA will report about its progress of implementing the plan on a quarterly basis.
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