It reminded Bitlicense holders that they must be especially vigilant against efforts at market manipulation. "DFS took the lead in 2015 in regulating the virtual currency market, and we continue to be vigilant concerning risks in these markets. Market manipulation presents serious risks, both to consumers and to the safety and soundness of financial services institutions," said Superintendent Maria T. Vullo. "As the cryptocurrency markets continue to evolve, DFS is directing virtual currency companies to take the necessary steps to guard against fraud, and to be extra vigilant about manipulation. By these actions, the market can evolve with strong regulatory supervision." In its guidance paper, the DFS also directed cryptocurrency firms to adopt measures that include effective implementation of a written policy to identify and assess the full range of fraud-related risk areas, including market manipulation.