Vertical guide · Updated June 2026

Digital assets exchange attorney time tracking: NY BitLicense renewal examination advisory, FinCEN MSB IRS BSA examination advisory, and SEC Form ATS-N amendment review

Digital assets exchange attorneys advising cryptocurrency exchange operators on NY Department of Financial Services BitLicense examinations under 23 N.Y.C.R.R. Part 200, FinCEN money services business IRS Bank Secrecy Act examinations under 31 U.S.C. §§ 5311–5336, and SEC alternative trading system Form ATS-N amendment reviews under Exchange Act Rule 304, 17 C.F.R. § 242.304 — whose time records must satisfy the NY DFS examination advisory billing documentation standard, the IRS BSA examination response record-keeping standard, and the SEC Division of Trading and Markets review advisory billing documentation requirement — generate three billing gaps driven by the DFS examination schedule, the IRS BSA examination cycle, and the SEC Division of Trading and Markets review calendar: NY BitLicense renewal examination advisory calls on the NY DFS examination schedule (5 clients × 5 calls × 38 min × 55% untracked = 8.7 hrs = $3,915–$5,873/year at $450–$675/hr), FinCEN MSB IRS BSA examination advisory calls on the IRS examination schedule (4 clients × 5 calls × 35 min × 55% = 6.4 hrs = $2,880–$4,320/year), and SEC ATS-N amendment review advisory calls on the Division of Trading and Markets review schedule (3 clients × 5 calls × 32 min × 55% = 4.4 hrs = $1,980–$2,970/year). For a digital assets exchange solo practice, the annual billing gap is $8,775–$13,163.

TL;DR

ClaimHour captures every NY DFS BitLicense examination entrance interview preparation advisory call that arrives when the DFS examination team schedules on its examination calendar, every IRS BSA examination SAR program documentation review advisory call that arrives on the IRS examination cycle, and every SEC Form ATS-N material change amendment review advisory call that arrives during the Division of Trading and Markets 20-day review period — passively, no timer, no audio, no call contents. $29–$59/mo. No PMS required.

NY BitLicense renewal examination advisory: calls on the NY DFS examination schedule

The New York Department of Financial Services licenses virtual currency businesses operating in or from New York under 23 N.Y.C.R.R. Part 200, the Virtual Currency Business Activity (BitLicense) regulation. BitLicensees — including cryptocurrency exchanges, custodians, and payment processors — are subject to periodic DFS safety and soundness examinations that assess capitalization, cybersecurity, AML/BSA compliance, consumer protection, and operational resilience. DFS BitLicense examinations are conducted on an examination cycle managed by the DFS examination staff and are not triggered by any calendar deadline the licensee controls. When a cryptocurrency exchange's counsel advises on BitLicense renewal, DFS examination findings, and required remediation — including cybersecurity program remediation under 23 N.Y.C.R.R. Part 500 (NY's cybersecurity regulation for financial services companies), AML program review, coin-listing policy compliance, and consumer protection disclosures under 23 N.Y.C.R.R. § 200.19 — the DFS examination staff schedules examination entrance interviews, document request response advisory sessions, preliminary findings review calls, remediation plan submission advisory calls, and license renewal approval advisory calls on the DFS examination calendar at dates set by the examination team's internal schedule. BitLicense renewal examinations typically run 6–18 months and generate advisory calls at each examination phase: pre-examination preparation, document production, preliminary findings, remediation plan development, and renewal approval. Counsel advising multiple BitLicensees faces overlapping examination cycles with advisory calls arriving on each client's separate DFS examination schedule simultaneously.

Five NY BitLicense renewal examination advisory call types that arrive on the NY DFS examination schedule: (1) examination entrance interview preparation advisory call — advising on the scope of the DFS examination, which business activities and product lines are subject to examination, and how to organize documentation for the DFS examination team (30–40 min) — arrives when DFS examination staff schedules the entrance interview on the examination calendar; (2) DFS document request response advisory call — arrives when the DFS examination team issues a document request list under 23 N.Y.C.R.R. § 200.15 and the licensee's counsel must advise on document collection, privilege review, and production (28–38 min) — on the examination staff's document request schedule; (3) preliminary examination findings review advisory call — arrives when the DFS examination staff presents preliminary examination findings to the licensee's management team and counsel must advise on findings response strategy, remediation scope, and DFS enforcement posture (35–45 min); (4) remediation plan submission advisory call — arrives when the DFS examination team requires a written remediation plan addressing examination findings, with the plan submission deadline set by the examination staff (28–38 min); (5) BitLicense renewal approval final advisory call — arrives when the DFS examination team schedules a final renewal conference at which outstanding examination issues and license renewal conditions are addressed (30–40 min). At 55% untracked: 5 clients × 5 calls × 38 min × 55% = 522.5 min / 60 = 8.71 hours ≈ 8.7 hours = $3,915–$5,873/year at $450–$675/hr.

FinCEN MSB IRS BSA examination advisory: calls on the IRS examination schedule

The Internal Revenue Service examines money services businesses registered with FinCEN under 31 U.S.C. § 5330 for Bank Secrecy Act compliance as part of the IRS's delegated BSA examination authority. Virtual currency exchangers and administrators — which FinCEN classifies as MSBs subject to BSA registration, reporting, and record-keeping requirements under 31 C.F.R. § 1010.100(ff) and FinCEN Guidance FIN-2013-G001 — are subject to IRS BSA examinations that assess AML program adequacy under 31 U.S.C. § 5318(h), SAR filing completeness under 31 U.S.C. § 5318(g), CTR accuracy under 31 U.S.C. § 5313, and customer identification program compliance under 31 C.F.R. § 1010.220. The IRS BSA examination agent sets the examination schedule internally, and advisory calls arise at each phase of the examination — entrance, document production, preliminary findings, and exit — on the agent's schedule, not on any calendar controlled by the MSB's counsel. For digital assets exchanges that have simultaneously received a NY DFS BitLicense examination and an IRS BSA examination, counsel faces concurrent advisory call cycles on two independent examination agency schedules. The IRS BSA examination program has historically conducted targeted examinations of high-risk MSBs — including cryptocurrency exchanges with high-volume cash-equivalent transaction flows — and examination findings can result in civil money penalty recommendations forwarded to FinCEN under 31 U.S.C. § 5321, generating a third tier of advisory calls on FinCEN's civil money penalty assessment timeline simultaneously with the IRS examination advisory calls.

Five FinCEN MSB IRS BSA examination advisory call types that arrive on the IRS examination schedule: (1) BSA examination entrance interview preparation advisory call — advising on the scope of the IRS BSA examination, which MSB activities are subject to examination, and how the exchange's AML program documentation will be presented to the examination agent (28–38 min) — arrives when the IRS examination agent schedules the entrance interview on the examination calendar; (2) SAR program documentation review advisory call — arrives when the IRS examination agent requests documentation of the exchange's SAR filing process, including the SAR decision matrix, escalation procedures, and contemporaneous SAR filing records for the examination period (25–35 min) — on the examination agent's document review schedule; (3) AML program adequacy advisory call — arrives when the examination agent identifies deficiencies in the exchange's AML program and the exchange's counsel must advise on program remediation, independent testing documentation under 31 U.S.C. § 5318(h)(1)(C), and examiner response strategy (30–40 min); (4) IRS preliminary findings response advisory call — arrives when the examination agent issues preliminary BSA examination findings identifying potential SAR filing deficiencies, CTR accuracy issues, or AML program gaps, and the exchange's counsel must advise on response strategy and remediation evidence (28–38 min); (5) examination exit conference preparation advisory call — arrives when the IRS examination agent schedules the exit conference at which final examination findings and any civil money penalty recommendations are presented (25–35 min). At 55% untracked: 4 clients × 5 calls × 35 min × 55% = 385 min / 60 = 6.42 hours ≈ 6.4 hours = $2,880–$4,320/year at $450–$675/hr.

SEC Form ATS-N amendment review advisory: calls on the Division of Trading and Markets review schedule

Digital assets exchanges that operate as alternative trading systems for digital asset securities must register as broker-dealers under Exchange Act § 15(b) and file Form ATS-N with the SEC's Division of Trading and Markets under Exchange Act Rule 304, 17 C.F.R. § 242.304. Form ATS-N requires disclosure of the ATS's operations, order types, fee structures, priority rules, and access criteria, and must be amended within 30 calendar days for any material change in the ATS's operations under Rule 304(a)(2)(i). Material change amendments trigger a 20-calendar-day SEC review period under Rule 304(a)(2)(i)(C) during which the SEC Division of Trading and Markets staff may issue a notice of effectiveness, request additional information, or issue an order to cease and desist operations pending review. Digital assets exchange attorneys who advise on Form ATS-N preparation, material change determination, and amendment response face advisory calls throughout the 20-day SEC review period and during the ongoing operational compliance review process, all on schedules set by the SEC Division of Trading and Markets staff. The SEC's increasing scrutiny of digital asset ATSs — including no-action relief expiration notices and staff guidance on which digital assets constitute securities — generates additional advisory calls when the Division staff schedules compliance review meetings, requests supplemental ATS-N disclosures, or issues comment letters on the adequacy of operational disclosures. An exchange introducing a new trading product must determine whether the product constitutes a material change under Rule 304(a)(2)(i) before adding it to the ATS, generating pre-launch determination advisory calls on the exchange's own product development timeline simultaneously with any pending DFS or IRS examination advisory calls.

Five SEC Form ATS-N amendment review advisory call types that arrive on the Division of Trading and Markets review schedule: (1) Form ATS-N initial filing preparation advisory call — advising on the completeness of the ATS-N disclosure, which operational details constitute material information under Rule 304, and how to describe the exchange's fee structure and priority rules in compliance with the SEC's ATS-N instructions (25–35 min) — arrives when the Division staff schedules a pre-filing consultation or when the exchange's counsel schedules the filing preparation advisory; (2) material change determination advisory call — arrives when the exchange introduces a new trading product, modifies its order types, or changes its access criteria, and counsel must determine whether the change constitutes a material change requiring a Rule 304(a)(2)(i) amendment (28–38 min) — on the exchange's product development timeline; (3) ATS-N amendment preparation and filing advisory call — arrives when a material change has been determined and counsel must prepare the amendment, ensure all disclosure sections are updated consistently, and advise on the 20-day review period timing (25–35 min); (4) SEC Division staff comment response advisory call — arrives when the SEC Division of Trading and Markets issues a comment letter on the ATS-N amendment during the 20-day review period, requesting clarification of operational disclosures or additional information (28–38 min) — on the Division staff's review calendar; (5) post-review operational implementation advisory call — arrives when the 20-day review period concludes and counsel must advise on implementing the new operations in compliance with the reviewed ATS-N (22–30 min). At 55% untracked: 3 clients × 5 calls × 32 min × 55% = 264 min / 60 = 4.40 hours ≈ 4.4 hours = $1,980–$2,970/year at $450–$675/hr.

How ClaimHour fits digital assets exchange practice

If you advise cryptocurrency exchange operators on NY DFS BitLicense renewal examinations with entrance interview preparation calls and preliminary findings review calls arriving on the DFS examination team's examination calendar, represent digital assets exchanges in IRS BSA examinations with SAR program documentation review calls and examination exit conference preparation calls arriving on the IRS examination agent's schedule, and guide alternative trading system operators through SEC Form ATS-N material change amendment reviews with Division of Trading and Markets comment response calls arriving during the 20-day review period — and your invoices consistently understate the DFS remediation plan submission advisory calls that arrive on the examination staff's remediation deadline schedule, the IRS AML program adequacy advisory calls that arrive on the examination agent's findings schedule, and the SEC post-review operational implementation advisory calls that arrive when the Division's review period closes — ClaimHour was built for that gap.

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