New York State Department of Financial Services (NYDFS), the government agency that regulates financial products and services in New York, is investigating stablecoin issuer Paxos.
The scope of the investigation is currently unclear. Paxos stablecoins include Pax dollar (USDP) and Binance USD (BUSD).
An NYDFS spokesman said the agency cannot comment on ongoing investigations.
before Paxos is in the newsRegarding rumors that the US currency regulator’s office which is the regulator of the Federal Reserve. It may be asked to withdraw the application for a full banking charter, but Paxos has denied these rumors.
Paxos also holds a virtual currency license – which is commonly referred to as a cryptocurrency. “BitLicenses” – issued by NYDFS
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