NYDFS | FinTelegram News

Category: NYDFS

March 15, 2023

Signature Bank Had Nothing To Do With Crypto, The New York Regulator Said!

The New York State Department of Financial Services (NYDFS) said its decision to close Signature Bank had "nothing to do with crypto" but was triggered by "a significant crisis of confidence in the bank's leadership" after the collapse of Silicon Valley Bank. This contradicts Signature Bank board member and former U.S. Rep. Barney Frank, who said that he was the closure of the bank as a very strong sign of the anti-crypto attitude of regulators. The bank would not have been illiquid, he said.

January 10, 2023

U.S. Crypto Exchange Coinbase Settles Money Laundering Case With $50 Million Penalty!

We have known for a long time that Coinbase accepts scam merchants and has a KYC problem. The New York regulator DFS has also recognized this. The U.S. crypto exchange Coinbase accepted a multi-million dollar fine for allegedly being too lax in its anti-money laundering precautions. The company settled the case with $100 million, the New York financial regulator DFS announced. The authority imposed a $50 million penalty and obliged Coinbase to invest a further $50 million in improving its control mechanisms.

NYDFS

October 23, 2020

Crypto adoption – PayPal receives BitLicense and starts to accept crypto as a means of payment

This may be a pivotal step for crypto mainstream adoption. Following FinTechs like Revolut, FinTech giant PayPal will embrace crypto. PayPal announced that it will allow customers to hold bitcoin and other virtual coins in their online wallets and use it to shop and pay at the 26 million merchants on its network. The new service will be operated on the regulatory grounds of a NY Bitlicense in a partnership with Paxos Trust Company.

TikTok Takedown: America’s Digital Iron Curtain or Silicon Valley’s Secret Weapon?

The recent ruling by the U.S. Court of Appeals for the District of Columbia Circuit has sent shockwaves through the social media industry, upholding a law that could effectively ban TikTok in the U.S. The ruling cited national security concerns. This decision marks a significant escalation in the ongoing tension between the U.S. government and Chinese-owned tech companies.

Truong My Lan: A Tycoon’s Fall from Grace and Vietnam’s $44 Billion Financial Scandal!

The dramatic downfall of Truong My Lan, one of Vietnam’s most prominent property magnates, has sent shockwaves through the country's financial and political systems. The 68-year-old former billionaire is at the center of one of the largest financial frauds in history, a scandal that has not only exposed vulnerabilities in Vietnam’s economy but has also highlighted the intricate relationship between business and politics in the country.

Cash Cow Crypto: U.S. CFTC Enforcement Sets Records in FY 2024 with $17.1 Billion in Monetary Relief!

The U.S. Commodity Futures Trading Commission (CFTC) achieved a landmark year in FY 2024, securing over $17.1 billion in monetary relief, including $2.6 billion in civil penalties and $14.5 billion in restitution. The agency’s groundbreaking actions spanned digital asset (crypto) markets, voluntary carbon credits, and major compliance cases, highlighting its leadership in safeguarding market integrity.

U.S. DOJ’s Whistleblower Pilot Program: 250+ Tips in Just Months!

Whistleblowers are the only effective way to fight financial crime. The U.S. DOJ whistleblower pilot program has already proven effective, generating over 250 tips of potential misconduct since its launch in August, according to Principal Associate Deputy Attorney General Marshall Miller. According to a Reuters report, the initiative targets corporate malfeasance and encourages internal self-disclosure by companies.

Online Gambling: Lokinvestigation in Curaçao, its Maltese Connections, and How to Shut Down!

For many years, the far-far-away Curacao was the regulatory mecca of global online gambling. But that is over. The Lokinvestigation, spearheaded by opposition politician and forensic investigator Dr. Luigi Faneyte, reveals systemic failures and alleged corruption in Curaçao’s online gambling sector. With ties to Maltese investors and global financial networks, the report demands transparency but also carries political implications.