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BitFlyer Slapped With a $1.2 Million Fine for Violating Cybersecurity Rules

The NYDFS has ordered BitFlyer USA to pay a $1.2 million fine for multiple deficiencies in its cybersecurity program, but endorsed the company's efforts to upgrade itself by the end of 2023. Crypto exchanges licensed by the regulator should set up an appropriate cybersecurity program to protect clients from potential internal and external cyber risks.

BitFlyer must pay the fine within ten days, but the NYDFS highlighted the company's ambition to cope with regulatory issues. The agency recently said it will start billing crypto entities registered in the region for annual supervision and examination, aligning them more closely with banks and insurance firms.

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