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CATEGORY: nydfs


Jun 18, 2024 05:50

Crypto Trading Firm Cumberland Acquires New Yorks BitLicense

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a [...]

The post Crypto Trading Firm Cumberland Acquires New York’s BitLicense appeared first on Crypto Breaking News.

Crypto Giant OKX Taps Ex-NYDFS ChiefWhats Behind the Bold Move?

Author: Mutuma Maxwell
Estonia
Apr 02, 2025 02:30

Crypto Giant OKX Taps Ex-NYDFS ChiefWhats Behind the Bold Move?

OKX hired Linda Lacewell to serve as its new Chief Legal Officer. This exchange’s global compliance initiative continues to strengthen through its efforts. The company made this announcement because international markets have encountered increased regulatory obstacles. Lacewell succeeded Mauricio Beugelmans as the new Chief Legal Officer after he resigned after serving almost two years. During […]

Fed, NYDFS assess their supervisory performance after March’s big bank failures

Author: Cointelegraph By Derek Andersen
United States
Apr 29, 2023 12:00

Fed, NYDFS assess their supervisory performance after March’s big bank failures

Internal reviews of the supervision of Silicon Valley Bank and Signature Bank have been released, showing weaknesses on the part of the banks’ regulators as well as management.

New York state announces another upgrade to its virtual currency monitoring capacity

Author: Cointelegraph By Derek Andersen
United States
Feb 22, 2023 12:00

New York state announces another upgrade to its virtual currency monitoring capacity

The New York State Department of Financial Services did not describe its new capacities, but said they will contribute to the detection of a variety of illegal activities.

Feb 17, 2023 12:40

Circle Sounds Alarm Over Binance’s USDC Stablecoin Reserve Shortage To NYDFS

Circle, the company operating the USDC stablecoin, alerted the New York Department of Financial Services (NYDFS) to potential issues in blockchain data showing Binance did not have enough crypto in reserve to support its issued tokens, Bloomberg reported on February 13th. It resulted in NYDFS directing Paxos, which shares a regulator with Binance, to end […]

Feb 14, 2023 06:55

Binance, Circle, and Paxos Receive Regulatory Scrut


Stablecoin issuer Circle supplied the NYDFS blockchain evidence claiming Binance's reserves were inadequate to sustain its currency. (Read More)

Circle blew the whistle on Binance reserves to NYDFS: Report

Author: Cointelegraph By Turner Wright
United States
Feb 14, 2023 12:00

Circle blew the whistle on Binance reserves to NYDFS: Report

The company's complaint to the New York regulator reportedly came before the SEC's lawsuit against Paxos over BUSD and NYDFS ordering the firm to "cease minting" the stablecoin.

Feb 13, 2023 11:10

Paxos Trust Faces SEC Lawsuit Over Binance USD Stablecoin

Paxos Trust, a stablecoin issuer, has received a Wells notice from the SEC indicating that the regulator is planning to sue the company for violating investor protection laws in regards to Binance USD stablecoin. This article explores the implications of the lawsuit for Paxos and the stability of the stablecoin market.

<p>The post Paxos Trust Faces SEC Lawsuit Over Binance USD Stablecoin first appeared on CCNC.</p>

Feb 10, 2023 07:50

New York Regulators Launch Investigation into Stablecoin Issuer Paxos

New York regulators are investigating Paxos, but the stablecoin issuer has debunked claims of its license being withdrawn.

Continue reading New York Regulators Launch Investigation into Stablecoin Issuer Paxos at DailyCoin.

Feb 10, 2023 05:05

Stablecoin Issuer Paxos Faces NYDFS Probe

<p>Paxos Trust Co., the issuer of Binance’s stablecoin, is facing an investigation by the New York State Department of Financial Services (NYDFS), one of the most stringent state regulators in the United States, Bloomberg reported.</p><p>NYDFS Probes Paxos</p><p>There is no official confirmation on the investigation either from the regulator or the <a href="https://www.financemagnates.com/terms/s/stablecoin/" class="terms__main-term" id="e84b040e-4d12-499b-99bf-8ba75ea058ca" target="_blank">stablecoin</a> issuer. The extent of the scope of the investigation is also unclear.</p><p>“The department is in continuous contact with regulated entities to understand vulnerabilities and risks to consumers and the institutions themselves from crypto market <a href="https://www.financemagnates.com/terms/v/volatility/" class="terms__secondary-term" id="7fd330d9-8855-4c31-9770-cb52b328c117" target="_blank">volatility</a> we are experiencing,” a regulatory spokesperson told the publication.</p><p>Apart from its partnership with Binance, <a href="https://www.financemagnates.com/tag/paxos/" target="_blank" rel="follow">Paxos also issues its own stablecoin</a>, Pax Dollar (USDP), which has a market value of $859 million. Binance’s BUSD, issued in partnership with Paxos, has a market value of $16 billion and is the third-largest USD-pegged stablecoin in terms of market share.</p><p>“BUSD is a 1-to-1 backed stablecoin that is one of the most transparent stablecoins in existence,” Binance said in a statement, adding that it is closely monitoring the reports of the alleged investigations.</p><p>However, the stablecoin industry cannot clear its taint from controversies. Tether, the largest USD-pegged in circulation, is blamed for not maintaining an accurate fiat reserve, while the collapse of Terra Luna rattled the crypto industry last year.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Wells Notice: A Wells Notice is a notification issued by regulators to inform individuals or companies of completed investigations where infractions have been discovered. It usually takes the form of a letter, which notifies recipients both of the broad nature of the violations… <a href="https://t.co/IOIJ5iFIbR">https://t.co/IOIJ5iFIbR</a></p>— Andrew (@AP_Abacus) <a href="https://twitter.com/AP_Abacus/status/1623786629847449601?ref_src=twsrc%5Etfw">February 9, 2023</a></blockquote><p>A Major Stablecoin Issuer</p><p>Paxos operates in New York with the much coveted BitLicense obtained from the NYDFS, the same regulator that has opened the reported probe. Last November, the company <a href="https://www.financemagnates.com/cryptocurrency/paxos-becomes-major-payments-institution-in-singapore/" target="_blank" rel="follow">gained a Major Payments Institution (MPI) license</a> from the regulator in Singapore to bolster its Asian presence.</p><p>On top of that, the New York-based blockchain infrastructure company received preliminary approval for a banking charter in April 2021. Though there were rumors that the US Office of the Comptroller of the Currency (OCC) was considering ordering Paxos to withdraw its application for a full banking charter, the company denied them.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">To clarify speculation: Paxos has not been asked to withdraw its application for a national trust bank charter from the OCC, nor has it been denied the charter. Paxos continues to work constructively with the OCC.</p>— Paxos (@PaxosGlobal) <a href="https://twitter.com/PaxosGlobal/status/1623457250823258112?ref_src=twsrc%5Etfw">February 8, 2023</a></blockquote><p>The NYDFS is considered to be one of the strict cryptocurrency regulators. Last month, it issued guidance, ordering all crypto companies to <a href="https://www.financemagnates.com/cryptocurrency/nydfs-issues-guidelines-to-protect-crypto-customers-funds/" target="_blank" rel="follow">separate funds</a> belonging to the customers and their own. In addition, it mandated <a href="https://www.financemagnates.com/cryptocurrency/new-york-regulator-mandates-crypto-permission-for-banks/" target="_blank" rel="follow">licensing for banks</a> before their direct or indirect engagement with cryptocurrency-related activities.</p><p>Recently, Coinbase <a href="https://www.financemagnates.com/cryptocurrency/coinbase-reaches-100m-settlement-with-new-york-regulator-for-aml-failure/" target="_blank" rel="follow">settled with the New York state regulator for $100 million</a> for charges of anti-money laundering (AML) provision breaches. The exchange agreed to pay $50 million as a penalty and invest another $50 million over the next two years to ramp up its compliance efforts.</p> This article was written by Arnab Shome at www.financemagnates.com.

Feb 10, 2023 12:30

New York Regulator to Scrutinize Stable Coin Issuer Paxos

New York regulators are reportedly investigating Paxos, the firm that issues the BUSD and USDP stablecoins. The Pax dollar (USDP)

Jan 24, 2023 08:48

NYDFS Issues Guidelines to Protect Crypto Customers’ Funds

<p>The New York State Department of Financial Services (NYDFS) released regulatory guidance on Monday, ordering all crypto companies to separate funds belonging to the customers and their own. The regulatory superintendent, Adrienne Harris, highlighted that the rules focus on protecting customers' funds in case of an insolvency or similar proceeding.</p><p>NYDFS Issues Guidelines on Crypto Fund Segregation</p><p>“DFS’s virtual currency <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__main-term" id="341d154e-1396-4d12-a357-4837e79c4146" target="_blank">regulation</a> has protected New Yorkers since 2015,” Harris said. “Today’s guidance reminds DFS-regulated virtual currency companies of our expectations regarding the safekeeping of customer assets.”</p><p>The official announcement highlighted four areas the new guidelines are addressing. These include the segregation and separate accounting of customer assets, clarification of custody and safekeeping services, sub-custody arrangements with third parties, and proper disclosure of general terms and conditions to the customers.</p><p>NYDFS is one of the crypto regulators with <a href="https://www.financemagnates.com/cryptocurrency/news/bitooda-obtains-bitlicense-from-nydfs/" target="_blank" rel="follow">clear and stringent rules</a>, overseeing the activities of the crypto companies within the state of New York. The new guidelines against co-mingling of funds will apply to the companies that the regulator has licensed or chartered to custody, or temporarily hold, store, or maintain virtual currency assets on behalf of their customers.</p><p>Last month, the regulator <a href="https://www.financemagnates.com/cryptocurrency/new-york-regulator-mandates-crypto-permission-for-banks/" target="_blank" rel="follow">mandated the banking firms</a> in the state to seek advance permission before they or their authorized third-party agents engage in cryptocurrency-related activities.</p><p>Check out the latest FMLS22 session on "Will Crypto Fizzle Out or Here to Stay?"</p><p>FTX Collapse Triggers the Necessity of New Rules</p><p>The new guidelines came after the collapse of Sam Bankman-Fried FTX empire. He has allegedly used FTX customer funds to issue illicit loans to sister company Alameda Research. FTX, Alameda Research, and more than 130 other affiliates are now under <a href="https://www.financemagnates.com/terms/b/bankruptcy/" class="terms__secondary-term" id="41b3ef0d-d805-441d-8443-121890264e94" target="_blank">bankruptcy</a> protection, while Bankman-Fried is <a href="https://www.financemagnates.com/cryptocurrency/news/ftxs-sam-bankman-fried-pleads-not-guilty-to-us-criminal-charges/" target="_blank" rel="follow">facing criminal charges</a>.</p><p>Though Bankman-Fried, who does not associate himself with the operations of FTX anymore, wrote in a blog that the collapsed crypto exchange should have enough funds for the customers, the bankruptcy proceedings still need to start to compensate the customers.</p><p>Last year, the crypto prices plummeted from their all-time high levels, and the two major collapses in the industry, first Terra Luna and then FTX. Both these events have triggered the <a href="https://www.financemagnates.com/cryptocurrency/crypto-lender-genesis-files-for-bankruptcy-in-new-york/" target="_blank" rel="follow">collapse of several other firms </a>that had exposure to them.</p> This article was written by Arnab Shome at www.financemagnates.com.

Jan 05, 2023 01:20

Coinbase Settles for $100M With Regulators Over Compliance System

Coinbase found itself overwhelmed by frantic platform adoption in 2020 and 2021, the NYDFS claimed in its filing today. This resulted in the exchange failing to maintain a robust compliance...

Dec 14, 2022 08:55

Will the BUSD Upon Paxos Survive?

Apart from just having a native coin, the world’s largest global exchange, the Bianance, has now come up with their

NYDFS calls for crypto firms to use blockchain analytics

Author: Cointelegraph By Zhiyuan Sun
United States
Apr 29, 2022 12:09

NYDFS calls for crypto firms to use blockchain analytics

The regulatory agency asked crypto firms to adopt methods to ensure greater risk assessment for potentially problematic transactions.

New NY Gov. taps former Obama official to head state's financial regulator

Author: Cointelegraph By Turner Wright
United States
Sep 01, 2021 12:00

New NY Gov. taps former Obama official to head state's financial regulator

Adrienne Harris said she aims "to ensure we have a robust and fair financial system, and an equitable economy" in her role at the NYDFS.

Feb 07, 2024 02:30

Bitcoin Adoption: Big Win for WisdomTree

WisdomTreeFunds, a prominent provider of Bitcoin Spot ETFs, is collaborating closely with the New York Department of Financial Services [NYDFS] to extend its crypto-related offerings to customers within New York. In a positive development, NYDFS is reportedly on the verge of approving a Limited Purpose Trust Charter to WisdomTree, signifying its ability to conduct digital […]

Feb 29, 2024 05:50

Gemini Agrees to Over $1 Billion Restoration in Settlement With New York Regulators

In an agreement with the New York Department of Financial Services (NYDFS), the Winklevoss-led cryptocurrency exchange Gemini has committed to returning over $1 billion to its customers. The settlement, which also includes a $37 million fine, comes as a significant development for the exchange amidst several ongoing legal challenges with big-name crypto firms and heightened [...]

The post Gemini Agrees to Over $1 Billion Restoration in Settlement With New York Regulators appeared first on Crypto Breaking News.

Apr 18, 2023 06:55

NYDFS to Assess Supervisory Costs from Licensed Crypto Firms


The NYDFS will assess supervisory costs from licensed crypto firms in the state of New York to add top talent to its virtual currency team. This new regulation provides the Department with additional tools and resources to regulate the virtual currency industry. (Read More)

Apr 17, 2023 10:30

NYDFS adopts regulation to assess supervisory costs for licensed crypto firms

The New York State Department of Financial Services, or NYDFS, has adopted a regulation that will allow the government agency to assess supervisory costs from licensed crypto firms operating in the state. In an April 16 announcement, the NYDFS said the supervisory costs enforced by the new regulation would be used for “adding top talent [...]

The post NYDFS adopts regulation to assess supervisory costs for licensed crypto firms appeared first on Crypto Breaking News.

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