Tagged: new york state department of financial services

January 2, 2024 @ 11:32 pm By Omar Faridi  |  

Governor Kathy Hochul recently announced that the New York State Department of Financial Services adopted guidance for New York State-regulated banking and mortgage institutions in order “to help them manage their material financial and operational risks associated with climate change.” Governor Hochul said: “Climate change… Read More

November 16, 2023 @ 5:12 pm By Omar Faridi  |  

New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris issued guidance which adopts enhanced requirements for coin-listing and delisting policies of DFS-regulated virtual currency entities, “updating the prior framework issued by the Department in 2020.” Superintendent Harris stated: “This guidance continues the… Read More

October 25, 2023 @ 12:29 pm By Omar Faridi  |  

Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain, announces the appointments of Peter Marton, former Deputy Superintendent of Virtual Currency at the New York State Department of Financial Services (NYDFS), and cryptographer, Chaitanya Reddy Konda, who “designed… Read More

September 19, 2023 @ 4:30 pm By JD Alois  |  

The New York State Department of Financial Services (NYDFS) has published “guidance” for the US digital asset industry building upon its already widely utilized Bit Licence rules. Superintendent Adrienne A. Harris issued a statement explaining her goal of prioritizing regulations for “virtual currency policy” to… Read More

February 22, 2023 @ 10:49 am By Omar Faridi  |  

New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris recently announced that the Department has “enhanced its ability to detect fraud and other illegal activity among New York State-regulated entities engaged in virtual currency activity through new insider trading and market manipulation… Read More

July 12, 2022 @ 4:14 pm By Omar Faridi  |  

Paxos, the regulated blockchain infrastructure platform, has disclosed the “specific” financial instruments backing its “regulated” stablecoins USDP and BUSD. Moving forward, Paxos will “provide these detailed disclosures on a monthly basis in addition to its attestations.” These reports “provide the CUSIP of all instruments backing… Read More

January 27, 2022 @ 4:15 pm By Omar Faridi  |  

On January 25, 2022, the New York State Senate reportedly voted to confirm Adrienne A. Harris as the Superintendent of the New York State Department of Financial Services (DFS). Adrienne A. Harris stated: “I thank Governor Hochul for my nomination. I thank the New York… Read More

May 5, 2021 @ 11:11 am By JD Alois  |  

Standard Custody & Trust Company, LLC, a custody and settlement platform for digital assets, has received charter status to operate under New York State Banking Law as a regulated qualified custodian. According to a release from the company, the New York State Department of Financial… Read More

April 3, 2021 @ 9:37 am By Omar Faridi  |  

Dan Burstein, General Counsel at Paxos, claims in a blog post that the company is the “most trusted” operator in the digital asset infrastructure space. Burstein explains that trustworthiness is key to their business model and overall success at Paxos. They believe that by serving… Read More

March 24, 2021 @ 12:26 am By JD Alois  |  

The New York State Department of Financial Services (DFS) has determined that Apple (NASDAQ:AAPL) and underwriter Goldman Sachs (NYSE:GS) did not violate fair lending laws in regards to complaints pertaining to the Apple Card. In late 2019, Twitter erupted with a series of Tweets alleging… Read More

March 11, 2021 @ 2:41 pm By Samantha Hurst  |  

  New York Financial Services Superintendent Linda A. Lacewell announced on Thursday the New York State Department of Financial Services (DFS) has approved the application of Bakkt Marketplace, LLC, a wholly-owned subsidiary of Bakkt Holdings, LLC, for virtual currency and money transmitter licenses. According to… Read More

December 3, 2019 @ 11:11 pm By Samantha Hurst  |  

Fintech unicorn SoFi announced on Tuesday the New York State Department of Financial Services has approved its bitlicense application, allowing SoFi Invest customers in New York to trade cryptocurrencies on its platform through SoFi Digital Assets, LLC. SoFi revealed that the bitlicense approval comes just… Read More

April 11, 2019 @ 2:16 pm By Cali Haan  |  

The New York State Department of Financial Services (NYDFS) has denied Seattle-based cryptocurrency trading platform Bittrex’s application for a BitLicense to offer the trading of cryptocurrencies and tokens in the state. The decision was provided in a letter to Bittrex CEO Bill Shihara dated April… Read More

March 28, 2019 @ 1:33 pm By JD Alois  |  

The New York State Department of Financial Services (DFS) has approved the application of Tagomi Trading for a virtual currency and money transmission license. DFS has authorized Tagomi to engage in money transmission and to offer trade routing and order execution services for non-securities virtual… Read More

January 30, 2019 @ 3:57 pm By Samantha Hurst  |  

Standard Chartered Bank announced on Wednesday it has agreed on a Consent Order with the New York State Department of Financial Services (DFS). According to Standard Chartered, the Consent Order concerns past control failures and improper conduct in its Foreign Exchange (FX) trading and sales business… Read More

October 24, 2018 @ 7:18 pm By JD Alois  |  

The New York State Department of Financial Services (DFS) has approved Coinbase to form Coinbase Custody Trust Company. Additionally, DFS has approved Coinbase to Custody Bitcoin, Ethereum, Bitcoin Cash, Ether Classic, Litecoin and XRP. Providing a custody service is vital for the participation of institutional… Read More

September 19, 2018 @ 12:41 pm By JD Alois  |  

A Parliamentary Treasury Committee has published an extensive report on the regulatory environment pertaining to cryptocurrency in the UK. As part of the report, a good amount of ink was dedicated to the global regulatory approach regarding blockchain based digital assets. One regulatory entity received… Read More

May 14, 2018 @ 3:46 pm By Samantha Hurst  |  

Financial Services Superintendent Maria T. Vullo announced on Monday the New York State Department of Financial Services has authorized Gemini Trust Company, LLC to offer the custody services and trading of Zcash, Litecoin and Bitcoin Cash, emerging cryptocurrencies, on its virtual currency exchange, which is… Read More

May 15, 2017 @ 3:00 pm By JD Alois  |  

As we reported last week, Maria T. Vullo, the Superintendent of the New York State Department of Financial Services, filed a lawsuit against the Office of the Comptroller of the Currency (OCC), and Keith Noreika, acting Comptroller. The complaint pertains to the OCC”s Fintech Charter…. Read More

January 17, 2017 @ 5:32 pm By JD Alois  |  

    I expect to see more of these comment letters as battle lines have clearly been drawn regarding the debate on the proposed Office of the Comptroller of the Currency (OCC) Fintech Charter. In brief, the OCC has proposed crafting a Fintech Charter for… Read More