• The New York State Department of Financial Services issued guidance requiring licensed crypto firms and limited purpose trust companies to keep advertising and marketing policies approved annually by their boards or a designated subcommittee.

• The guidance cites ads that highlight “no-fee trading” while omitting costs such as spreads as misleading, and calls for disclosure of compensation paid for testimonials.

• Policies consistent with the guidance must be available for the department’s review from May 12, 2027.

The New York State Department of Financial Services told licensed crypto firms to adopt and enforce board-approved advertising policies, in guidance that addresses misleading fee claims, disclosure of compensation for…