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Bitcoin Forum > Bitcoin > Bitcoin Discussion > Legal > NYREG:What does 209 b mean for exchanges? Do they have to buy addititional BTC ?
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Author Topic: NYREG:What does 209 b mean for exchanges? Do they have to buy addititional BTC ?  (Read 1343 times)
segeln (OP)
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July 19, 2014, 08:38:07 PM
Last edit: July 19, 2014, 09:00:14 PM by segeln
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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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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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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.
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July 24, 2014, 04:30:20 PM
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Quote from: Foxpup on July 20, 2014, 12:30:47 AM
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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Quote from: Foxpup on July 20, 2014, 12:30:47 AM
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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