Latest New York Department of Financial Services News

PayPal company headquarters
Business 4 June 2024

PayPal Digital secures NYDFS trust charter

As a cautious approach, U.S. authorities mandate PayPal to prove USD deposits or similar cash equivalents back its PYUSD despite already receiving a limited-purpose trust charter from NYDFS.

Bitcoin crypto currebcy on US dollars. Digital currency concept
Business 19 April 2023

NYDFS to charge digital asset firms for supervision

First proposed in December, the new regulation was adopted this week and allows the New York Department of Financial Services to charge BitLicense holders for supervision—a practice common in finance.

Paxos Trust Company logo seen displayed on a smartphone being held with bokeh background
Business 23 February 2023

Paxos stops minting BUSD—is Binance stablecoin finished?

Paxos CEO Charles Cascarilla said that the decision was not linked to the NYDFS order, clarifying that "The market has evolved, and the Binance relationship no longer aligns with our current strategic priorities."