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Author Topic: NYREG:What does 209 b mean for exchanges? Do they have to buy addititional BTC ?  (Read 1232 times)
segeln
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July 19, 2014, 08:38:07 PM
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Section 200.9 Custody and protection of customer assets

(b) To the extent a Licensee secures, stores, holds, or maintains custody or control of Virtual Currency on behalf of another Person, such Licensee shall hold Virtual Currency of the same type and amount as that which is owed or obligated to such other Person.

any thoughts/explanations?
If they have to buy additional BTC for their customer assets it would shoot the price very much up.
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Foxpup
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July 20, 2014, 12:30:47 AM
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No, it just means they're not allowed to operate on fractional reserves.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
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July 24, 2014, 04:30:20 PM
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No, it just means they're not allowed to operate on fractional reserves.
thanks, Foxpup
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July 24, 2014, 10:10:39 PM
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No, it just means they're not allowed to operate on fractional reserves.
this is correct. exchanges must actually have 100% of the bitcoin that they owe their customers in their control.
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