NY Governor Wants Crypto Firms to Cover Costs for NYDFS Oversight

Cryptocurrency entities licensed under the New York’s Financial Services Law (FSL) should pay the costs of regulatory oversight, Governor Andrew Cuomo believes. The Democratic Governor purportedly wants the state authorities to amend the FSL in order to require virtual currency-related entities within the FSL jurisdiction to foot the bill for examination and oversight conducted by New York State Department of Financial Services (NYDFS). The NYDFS is one of primary regulatory agencies for crypto-related businesses in New York state as the regulator issues a major business license for cryptocurrencies, the BitLicense.…

NYDFS to Update BitLicense’s Terms for the First Time in 5 Years

The New York Department of Financial Services (NYDFS) is planning to update its virtual currency license for the first time in nearly five years. The authority has published proposed guidance on adoption or listing of virtual currencies on its website on Dec. 11, inviting all interested parties and the general public to comment by Jan. 27, 2020. Two major listing updates coming, maybe As officially announced, the newly proposed guidelines on listing refer in particular to the BitLicense — a major business license for cryptocurrencies defining rules on operating with…

Binance Launches Dollar-Backed Crypto Stablecoin With NYDFS Blessing

Crypto exchange Binance is launching a dollar-backed stablecoin in the U.S. Moreover, the new Binance USD (BUSD) has received the blessing of the New York Department of Financial Services (NYDFS). The exchange announced Thursday that NYDFS had approved the new offering, which Binance is launching in partnership with the Paxos Trust Company. The Binance stablecoin will be backed by U.S. dollars on a 1:1 ratio, according to a press release. The offering joins the Paxos Standard and the Gemini Dollar as an NYDFS-approved stablecoin. At launch, verified Paxos customers will be…

NYDFS: Why We Rejected Bittrex’s Application for a BitLicense

Shirin Emami is the executive deputy superintendent for banking at the New York State Department of Financial Services. Bittrex purportedly aims to get the facts straight about the denial of its license applications by the New York State Department of Financial Services (DFS) in recent statements to the media (including CoinDesk). But, the cryptocurrency exchange leaves out the context necessary to understand its failures to comply with DFS’s licensing requirements, it continues to misstate the facts and it presents a misleading picture about the denial. First, Bittrex claims that DFS…

NYDFS: Why We Rejected Bittrex’s Application for a BitLicense

Shirin Emami is the executive deputy superintendent for banking at the New York State Department of Financial Services. Bittrex purportedly aims to get the facts straight about the denial of its license applications by the New York State Department of Financial Services (DFS) in recent statements to the media (including CoinDesk). But, the cryptocurrency exchange leaves out the context necessary to understand its failures to comply with DFS’s licensing requirements, it continues to misstate the facts and it presents a misleading picture about the denial. First, Bittrex claims that DFS…

Bittrex Responds to NYDFS Denial of BitLicense Application, Cites Factual Inaccuracies

United States-based cryptocurrency exchange Bittrex has responded to the New York Department of Financial Services’ (NYDFS) denial of the company’s BitLicense application in a press release published on April 10. Earlier today, NYDFS denied Bittrex’s application for a BitLicense — which is required to conduct virtual currency related business in the state of New York — claiming that the exchange had inadequate policies and controls regarding Anti-Money Laundering (AML), Know Your Customer (KYC) and the Office of Foreign Assets Control (OFAC) standards. In its response, Bittrex expressed its disappointment in…

Crypto Exchange Gemini to List Bitcoin Cash With NYDFS Approval

The Winklevoss-owned Gemini crypto exchange is adding support for bitcoin cash (BCH), the firm announced Friday. Specifically, the New York-based startup is only supporting the fork of bitcoin cash based on the Bitcoin ABC roadmap, and not the alternative version, “Satoshi’s Vision” (SV). The difference arises after a controversial hard fork last month when the bitcoin cash network split into two different and competing blockchains with their own tokens. The exchange has added replay protection to ensure that transactions are only valid on the one network, wrote engineering VP Eric…