The New York State Department of Financial Services (NYDFS) has upgraded its illegal activity detection capabilities.
Its enhancements come amid major efforts to monitor and regulate activities in the cryptocurrency industry.
According to a statement from the organisation, it said that it had upgraded its “new insider trading and market manipulation risk monitoring tools.”
NYDFS superintendent Adrienne Harris explained further,
“This is a significant step in our supervision of the virtual currency industry as it continues to quickly transform and mature. These tools will help us combat financial crime and fraud, hold regulated entities accountable, and further strengthen our national leadership in virtual currency supervision.”
She added the tools would help the regulator “combat financial crime and fraud, hold regulated entities accountable, and further strengthen our national leadership invirtual currency supervision.”
The news comes after the agency stated it had “expedited procurement of additional blockchain analytics technology” to enforce Russian sanctions.
The NYDFS also enforced measures on Paxos Trust, forcing the cryptocurrency firm to stop minting Binance USD stablecoins following investigations.
The developments come after the NYDFS slapped a $100 million USD settlement on Coinbase after it accused the crypto firm of backlogging 100,000 alerts detailing suspicious transactions.
Currently, the organisation is investigating crypto platform Gemini’s Earn lending programme, which it suspected of selling securities.
