The New York state of mind is ‘more digital asset oversight’
The hearing by New York regulators examined the “transparency and security of the cryptocurrency industry and potential improvements as they relate to investor and consumer protection.”
Latest New York Department of Financial Services News
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.
Nasdaq to launch digital asset custody service by Q2 2023
The head of Nasdaq Digital Assets revealed the stock exchange wants to fill the gap left by 2022’s bankruptcies, starting with custody for BTC and ETH.
Signature Bank in money laundering probe, auction buyer must ditch crypto ops
Signature Bank was under federal investigation for suspected money laundering by its crypto clients before the New York financial institution was taken over by state and federal regulators.
SEC steps in at the last minute to block Binance.US Voyager Digital acquisition
The Securities and Exchange Commission and the New York Department of Financial Services had opposed the deal, the latter alleging Voyager had operated an unlicensed and illegal virtual currency business in New York.
Binance denies reports that other B-tokens are insufficiently backed
Voyager Digital announced that most of its creditors had voted in favor of its restructuring plan that will see Binance.US acquire around $1 billion in frozen assets.
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."
Paxos ordered to cut ties with Binance, will stop minting BUSD stablecoin
Citing "unresolved issues" tied to its relationship with Binance, the NYDFS ordered Paxos to halt the minting of BUSD while users have until February 2024 to redeem their stablecoins.
Robinhood Crypto fined $30 million by regulators
NYDFS Superintendent Adrienne Harris said Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance.
PayPal obtains BitLicense, lets users transfer digital assets to other wallets
PayPal has been operating with a conditional BitLicense from the NYDFS since October 2020 but has now become fully licensed in a move the company says is very big for Web3.
NYDFS implores digital currency firms to employ blockchain analytics services
The guidance is in response to a March directive from Governor Kathy Hochul, where she implored the DFS to strengthen its sanctions against Russia using measures like blockchain analytics tools.
NYDFS gets additional oversight authority over digital currency firms
The New York financial watchdog was assigned the responsibility of developing a new assessment mechanism for VASPs in the state’s new budget for 2023.