Paxos Seeks Federal Oversight Following $48.5M NYDFS Settlement
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Paxos National Trust Charter Application: Paxos has applied to convert its New York trust charter into a national trust charter with the OCC, aiming for broader federal oversight after settling compliance issues with NYDFS for $48.5 million related to Binance.
Impact on Regulatory Landscape: The application aligns Paxos with Ripple and Circle, who also seek similar licenses amid scrutiny from banking associations, potentially influencing compliance approaches for other crypto firms in a tightening regulatory environment.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
