According to sources familiar with the matter, the stablecoin issuer Paxos is cutting 20% of its workforce. This development comes on the heels of Paxos International’s announcement of its yield-bearing stablecoin. Paxos Trims Workforce by 20% Bloomberg reports that Paxos has laid off 65 employees, which accounts for 20% of its staff. The information was…
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Gemini has reached a settlement with Genesis and other creditors within the Genesis bankruptcy proceedings, promising a full in-kind return of digital assets to Earn program users. This resolution, pending bankruptcy court approval, signifies a major victory for users, with over $1.8 billion in assets set to be returned. Potential Full Crypto Asset Recovery for…
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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…
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Genesis Global Trading, a subsidiary of Digital Currency Group, has agreed to pay an $8 million penalty to the New York State Department of Financial Services (NYDFS) after settling allegations of compliance failures. The NYDFS accused the company of violating virtual currency and cybersecurity regulations, leading to its vulnerability to illicit activities and cybersecurity threats.…
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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 tokenization and stablecoin platform Paxos has revealed plans to broaden its stablecoin issuance to the Solana blockchain. The company, which oversees the pax dollar (USDP), anticipates that Solana-issued USDP will be publicly available starting Jan. 17, 2024.
Paxos Set to Launch Stablecoin on Solana, Expanding USDP Reach in Crypto Market
On Friday, Paxos…
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Source: NYDFS The New York State Department of Financial Services (NYDFS), the authority that supervises and regulates activities of financial institutions in the State of New York, has released a guidance that regulate the listing and delisting of cryptocurrencies. The updated guidance, named Guidance Regarding Listing of Virtual Currencies, was published by Superintendent Adrienne Harris…
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On Monday, the New York Department of Financial Services (NYDFS) introduced updated standards for its virtual currency oversight while removing Ripple (XRP) from “its approved list of cryptocurrencies.” According to the updated standards, NYDFS reviewed its existing list of approved cryptocurrencies, creating a new list, called the “Greenlist.” According to the official website of the…
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The New York Department of Financial Services (NYDSF) seeks to introduce new guidelines on the listing and delisting of digital assets by venture capital entities. On Sept 18, the financial watchdog published new proposals to guide digital asset exchanges on multiple issues including listing and delisting of coins, and adding coins to the state’s “greenlist.” ……
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