“The decisions made over the weekend were not crypto related,” the spokesperson said. “Signature was a traditional commercial bank with a wide range of activities and customers, incl...
Tag: NYDFS
NYDFS Taking Over Signature Bank as SVB Fails
The decision to take over Signature Bank was made to reduce depositor outflows and prevent further bank runs. The New York Department of Financial Services (NYDFS) has taken over the crypto-friendly b...
Rival Stablecoin Warned NY Financial Watchdog About BUSD
Binance USD might just be in hot water because of rival stablecoin issuer Circle. Circle, the creator of USD Coin, warned the New York State Department of Financial Services (NYDFS) in the autumn of 2...
Binance Stablecoin Outflows Top $1B as BUSD Supply Shrinks
Binance USD (BUSD) has given up millions in supply as the Securities and Exchange Commission (SEC) flagged plans to sue the stablecoin’s issuer Paxos as part of its crypto regulation tightening. Paxos...
Paxos to Cease Minting New BUSD and End Relationship with Binance
The New York Department of Financial Services (NYDFS) has directed Paxos to cease issuance of new BUSD tokens, effective Feb. 21. “BUSD will remain fully supported by Paxos and redeemable to onboarded...
How Circle alerted the NYDFS about Binance’s insufficient reserves
USDC issuer Circle alerted the NYDFS about mismanagement of Binance’s reserves last year. The complaint came around the same time that Binance imposed its BUSD auto-conversion policy. Circle may hav...
Circle Sounded Initial Alarm Over Binance Reserves To NYDFS
According to a new report, USDC issuer Circle sounded the alarm about Binance’s BUSD stablecoin and its reserves to the NYDFS. Circle’s complaint to the New York regulator came before the NYDFS direc...
Circle reportedly informed NYDFS about Binance’s BUSD
Ad Stablecoin issuer Circle filed a regulatory complaint last fall regarding Binance’s stablecoin reserves, according to a Bloomberg report on Feb. 13. Circle reported BUSD to NY regulator Bloomberg’s...
NYDFS’ Crackdown On Paxos May Be Prompted By Circle’s Complaint
A crypto lawyer believes that the NYDFS’ enforcement action against Paxos was motivated by Circle’s complaint last year. The lawyer claims that the action may have nothing to do with the security attr...
Circle Warned NYDFS About Binance Reserves Prior to BUSD Crackdown: Report
Circle – the issuer of the world’s second-largest stablecoin, USDC – reportedly warned the New York Department of Financial Services (NYDFS) last Autumn that Binance has been mismanaging its token res...
BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert – Bitcoin News
Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been r...
Breaking: Circle Tipped Off NYDFS About Insufficient Reserves At Binance
– Advertisement – Circle reportedly alerted the New York Department of Financial Services about Binance’s tokens. The USDC issuer warned the NYDFS about Binance not having enough crypto i...
Aave Considers Freezing BUSD Following NYDFS Enforcement
Members of the Aave community – a widely used decentralized lending protocol – are mulling a freeze on BUSD after a wave of regulatory pressure against its issuer, Paxos, on Monday. A newly tabled gov...
Paxos Receives Wells Notice from SEC, NYDFS Orders Issuer to Stop Minting BUSD – Bitcoin News
According to a report published on Feb. 12, 2023, the New York-based financial institution and technology company, Paxos, has received a Wells Notice from the U.S. Securities and Exchange Commission (...
PayPal Halts Development of Upcoming Stablecoin Amid NYDFS Scrutiny
2 hours ago | 2 mins read Altcoin News The project was expected to come in the following weeks. NYDFS is looking into the stablecoin issuer Paxos. Bloomberg reports that due to regulatory worries in t...
Paxos Trust Company is Under Scrutiny: NYDFS Investigates
Paxos Trust Company is under the scrutiny of the New York Department of Financial Services. A person familiar with the matter told that the reason for the probe is still unclear. NYDFS told that the d...
USDP Stablecoin Dips to $0.98 As NYDFS Looks Into Paxos
The USDP stablecoin lost its peg briefly on Feb. 10 after falling to $0.98. The New York Department of Financial Services (NYDFS) is reportedly probing Paxos. The USDP stablecoin, managed by Paxos, br...
NYDFS Probes Gemini Over Claims Concerning the Earn Program (Report)
The New York Department of Financial Services reportedly launched an investigation against Gemini, alleging that the cryptocurrency exchange told its 340,000 Earn users they were FDIC-protected. The p...
Companies Should Separate Clients’ Crypto Assets From Their Own: NYDFS
The New York State Department of Financial Services (NYDFS) urged firms to set apart customers’ cryptocurrency holdings from their own assets. The watchdog argued that co-mingling funds could trigger ...
NYDFS reminds crypto custodians of laws prohibiting commingling of funds
New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris reminded licensed crypto custodians in the state of their fiduciary duty to ensure customer funds are not commingled wi...
NYDFS advises crypto account segregation
The New York Department of Financial Services (NYDFS) recommended on Jan. 23 that custodians should segregate customer and corporate crypto assets. Superintendent Adrienne A. Harris suggested that tod...
NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency
The New York Department of Financial Services, or NYDFS, has released guidelines on how licensed crypto firms should handle customer assets should they face “insolvency or similar proceeding”. In a Ja...
NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry – Regulation Bitcoin News
On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial re...
Coinbase & NYDFS to settle compliance investigation
The New York Department of Financial Services (NYDFS) has officially announced a consent order in which it will engage its efforts in unraveling factors supposedly overlooked in the case of the compli...
Coinbase had “inadequate” AML measures; settles for $100M with NYDFS
Coinbase will pay a penalty of $50 million for failing to comply with the New York Banking Law and other state regulations, according to a press release on Jan. 4. The largest crypto exchange by tradi...
New York Banks Now Need Approval Before Engaging with Crypto, Regulator Says
A New York financial regulator wants advanced notice before banks do anything involving digital assets. The New York State Department of Financial Services issued new guidance requiring state-re...
New York regulator and BitLicense proponent gets seat on federal counsel of agency leaders
Adrienne Harris, the leader of New York’s state banking and financial regulatory agency that oversees the state’s BitLicense, has been named to a non-voting seat on the Financial Stability...
NYDFS proposes regulation to assess costs of ‘supervision and examination’ for licensed crypto firms
The New York State Department of Financial Services, or NYDFS, has proposed a regulation that would allow the government department to assess supervisory costs from licensed crypto firms operating in ...
NY regulator warns against Congress overriding state crypto regimes
New York’s head financial services regulator wants Congress to look at her state’s rules around crypto when thinking about a national model and warned against federal laws overriding state...
Former NYDFS Regulator Matthew Homer Joins Standard Custody & Trust Co. Board of Directors
NEW YORK–(BUSINESS WIRE)–#DLT–Digital asset custodian, Standard Custody & Trust Co., a subsidiary of PolySign, today announced the appointment of Matthew Homer to its board of directors. Homer joi...
Robinhood Faces the Wrath of NYDFS, Fined $30 Million
The Wall Street Journal (WSJ) reported on Tuesday that The New York State Department of Financial Services (NYDFS) has fined the online brokerage Robinhood’s cryptocurrency trading division $30 millio...