⛔ Stop guessing ⛔ Use our free stock screener to find new opportunities fast Try Free Screener

Paxos Trust Company is Under Scrutiny: NYDFS Investigates

Published 2023-02-10, 12:00 p/m
© Reuters.  Paxos Trust Company is Under Scrutiny: NYDFS Investigates

Coin Edition -

  • 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 department has been trying hard to protect consumers from crypto risks.

Paxos Trust Company, the New York-based financial institution designated with the issuance of Binance USD (BUSD) and Paxos Dollar (USDP) is under the scrutiny of the New York Department of Financial Services (NYDFS). As reported by a “person familiar with the matter” the reason for scrutiny is yet to be disclosed.

Recently, the company had been involved in scandals regarding the Federal Bank regulator, the US Office of the Comptroller of the Currency’s order to withdraw Paxos’s application for a full banking charter.

Despite rumors being solved in no time, it was understood from an ongoing investigation by the state regulator that a company owning a provisional bank charter from the OCC in 2021, would be under closer scrutiny than the other companies.

Significantly, in relation to the current probe on Paxos, an NYFDS told that the department is relentlessly putting effort into p…

The post Paxos Trust Company is Under Scrutiny: NYDFS Investigates appeared first on Coin Edition.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.