2 / 2 Relevant items tagged with #Nydfs

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BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert

[Feb 13, 2023 3:30 PM] 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 redeemed, bringing the number of BUSD in…

Paxos Receives Wells Notice from SEC, NYDFS Orders Issuer to Stop Minting BUSD

[Feb 13, 2023 6:03 AM] 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 (SEC) regarding alleged violations of investor…

New York financial regulator investigates Gemini over FDIC claims: Report

[Jan 30, 2023 2:00 PM] Many Gemini Earn users reportedly claimed assets in their accounts had been protected by the Federal Deposit Insurance Corporation.

NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry

[Jan 23, 2023 2:00 PM] 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 regulator stressed that businesses…

NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency

[Jan 23, 2023 11:15 AM] “A VCE's customer agreement should make clear the parties’ intentions to enter into a custodial relationship, rather than a debtor-creditor relationship," said the NYDFS.

Coinbase Agrees to $100 Million Settlement With New York Financial Regulator for Anti-Money Laundering Violations

[Jan 4, 2023 2:30 PM] Coinbase has agreed to pay a $100 million settlement with the New York Department of Financial Services (NYDFS), according to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023. New York’s financial regulator said…

New York State issues guidance for banks seeking to engage in activities with crypto

[Dec 15, 2022 2:15 PM] The state, a notoriously demanding regulator of the industry, has released detailed guidelines for banks’ applications; some licensed banks may have to play catchup.