According to the New York State Department of Financial Services (DFS), Genesis Global Trading has agreed to a settlement fine of $8 million and will forfeit its New York state Bitlicense as part of the agreement over compliance failures. Adrienne Harris, the DFS Superintendent said Genesis displayed a “demonstrated a disregard for the Department’s regulatory…
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Source: Pixabay Thomas DiNapoli, New York State Comptroller, highlighted that there is a potential deficiency in the state’s financial regulator’s supervision of virtual currency licenses. The Office released a report stressing that the Department of Financial Services (DFS) “needs to do more” on the BitLicense program. The comptroller’s office questioned the program’s lack of financial…
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The proposals included stricter standards on risk assessments for crypto firms as well as a framework for designating token projects to the NYDFS’ greenlist The New York State Department of Financial Services, or NYDFS, has called on the public to provide feedback to a proposal aiming to strengthen regulatory requirements for crypto firms operating in…
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During the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin. At the time, an executive at Paypal stated that if the company moved forward, it would work closely with financial regulators. However, on Feb. 10, a source noted that Paypal has put the concept on hold…
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While the exact reason for the investigation hasn’t been revealed, it has been reported that the New York regulator plans on upping its efforts to protect consumers this year. Paxos Trust Company — the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is reportedly being investigated by the New York Department…
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“We have to continue to be competitive” the mayor said in a keynote interview at a London crypto conference where he suggested scrapping the states’ BitLicensing requirement. New York City Mayor Eric Adams has hit out at his states’ BitLicensing regime, claiming that it stifles innovation and economic growth. In a closing keynote interview at…
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The fees will bring virtual currency companies on par with those paid by banking and insurance institutions as a way for the state to recoup operating expense costs and “best support” the industry. The cost of running a crypto business in New York is about to rise with the state government gearing up to require…
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Bakkt will also have a money transmitter license in the state of New York. Bakkt has become the latest crypto firm to get a BitLicense. This morning, the New York Department of Financial Services announced that Bakkt had become the 29th BitLicensee. First granted to Paxos in 2015, the BitLicense is New York’s program for regulating…
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Andrew Yang has plans for New York City that cryptocurrency users anywhere would find appealing. Andrew Yang, the Democratic Party front-runner in the race to be New York’s next mayor said he would transform New York City into “a hub for BTC and other cryptocurrencies” noting the city to be “the world’s financial capital.” The…
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The stablecoin issuer and PayPal partner wants to increase its range and scope of services by becoming the first crypto services provider to be regulated at both state and federal levels. Stablecoin creator and crypto services provider Paxos filed an application to open a national bank on Wednesday. If approved, the pioneering Paxos General Trust…
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