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Coinbase claims its cybersecurity program complies with NY rules

A cryptocurrency exchange Coinbase insists that its cybersecurity program is state-of-the-art, saying it is committed to complying with the newly enacted New York cybersecurity regulations.

Coinbase made the statement in response to the special questionnaire sent last month by New York Attorney General Eric Schneiderman to 13 cryptocurrency exchanges in the state. The questionnaire aims to look into the privacy and transparency policies of crypto exchange operators.

«We have established a cybersecurity program and related policies and training, conduct periodic penetration testing and vulnerability assessments, and undertake security risk assessments among myriad other operational and technical safeguards. We operate an active bug bounty program to pay third-party developers for vulnerability tips. We will continue to invest aggressively in industry-leading technology and practices to secure customers’ data and virtual currency assets, even as our investment and commitment to security go far beyond what the law requires», – the exchange said in its response.

Coinbase said that for its customer support program, the exchange continues to conduct team training and quality assessment in addition to investing in a full-time global tiered coverage in multiple regions, live multi-language support and improved FAQ.

The exchange added that it had invested heavily to improve its technical backend and system stability.

Coinbase believes that enhanced cooperation with regulators, policy makers, and enforcement agencies is vital to establishing trust. It said it «looks forward to cooperating further with the OAG’s initiative and assisting policy makers and regulators» in shaping a responsibly regulated cryptocurrency marketplace.