The New York State Department of Financial Services (NYDFS) has announced changes that will make reporting illegal activities involving virtual currency more accessible for the businesses it oversees. It said that the new capabilities are part of its plan to keep up with the industry and respond quickly to the market for virtual currencies.

On February 21, the NYDFS released a short statement about its new abilities. The statement didn’t say much about the “new insider trading and market manipulation risk monitoring tools,” and it didn’t give any details about them. But the statement said: “The new enhancements will provide the Department with additional capabilities to detect potential insider trading, market manipulation, and front-running activity associated with Department-regulated entities’ and applicants’ exposure or potential exposure to listed virtual currency wallet addresses.”

Adrienne Harris, in charge of the NYDFS, said, “These tools will help us combat financial crime and fraud, hold regulated entities accountable, and further strengthen our national leadership in virtual currency supervision.”

A part of the NYDFS enforcement playbook seems to be making vague announcements about new technological skills. The agency announced “expedited procurement of additional blockchain analytics technology” last year to enforce sanctions against Russian companies after that country invaded Ukraine.

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The agency also gives regular advice to the businesses it oversees. In December, it told banks how to work with cryptocurrencies, and in June, it said it was the first regulator to advise on how to issue stablecoins.

The NYDFS helped the Blockchain infrastructure platform Paxos Trust decide to stop making the stablecoin Binance USD (BUSD) after it opened an investigation into the coin. It got a $100 million settlement from Coinbase earlier this year for allegedly letting 100,000 suspicious transaction alerts pile up. In August, it agreed with Robinhood Crypto to a $30 million penalty for anti-money laundering compliance issues.

Also, it is said that the NYDFS is looking into Gemini’s Earn lending program.

In 2015, the state of New York launched BitLicense, known for its strict requirements. This licensing system has caused a lot of debate, and even the mayor of New York City, Eric Adams, has called it “stifling.”