BitFlyer Attracts $1.5mn Fine
The New York State Department of Financial Services (NYDFS) chastised BitFlyer USA for failing to comply with cybersecurity rules.
The NYDFS announced a $1.5 million fine against bitFlyer in a consent order issued at the beginning of May after the company agreed to settle with the financial regulator. According to the ruling, the NYDFS discovered multiple flaws in bitFlyer’s security system, resulting in noncompliance with regulatory rules.
The settlement agreement calls for bitFlyer to pay a $1.2 million civil monetary penalty through wire transfer within ten days. According to the agreement, the firm cannot claim tax deductions from the government or seek restitution for the penalty amount.
(With inputs from Shikha Singh)
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