The Office of the Comptroller revealed its concerns over the management of BitLicense applicants by the New York Department of Financial Services.
The New York State Comptroller Thomas DiNapoli has revealed his concerns over the New York Department of Financial Services (NYDFS) management of BitLicense.
In a January report on digital currency licensing in the state, DiNapoli expressed only a “limited assurance” that the NYDFS adequately performs its oversight responsibilities regarding BitLicense. The NYDFS is also tasked with overseeing other financial authorities in the state.
DiNapoli pointed out a lack of thoroughness regarding a range of security checks of the potential licensees. For example, his team’s investigation showed that two out of eight sampled applicants didn’t fully complete the fingerprinting process before application approval.
