Paxos intensifies efforts to obtain a US bank license as stablecoin regulations develop
Paxos Trust Company Pursues National Trust Bank Charter Paxos Trust Company, the firm behind PayPal’s PyUSD stablecoin, has applied to transform its limited covered trust charter in New York into a US National Trust Bank Charter. This move comes as Paxos revives efforts that lapsed in 2023. If the application receives approval, the Office of […]
Paxos Agrees to $48.5 Million Settlement with New York Due to Compliance Issues
The recent settlement revolves around Paxos, a digital currency company, facing criticism for inadequate due diligence linked to its partnership with cryptocurrency exchange Binance. This was noted in a press release issued on August 7th by a former partner. The New York Department of Financial Services (NYDFS) identified significant shortcomings in Paxos’s anti-money laundering (AML) […]