Paxos Trust Company — the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is reportedly being investigated by the New York Department of Financial Services (NYDFS). A “person familiar with the matter” told Bloomberg in a Feb. 10 report that the exact motive behind the probe is currently unclear. An NYDFS spokesperson declined to comment on ongoing investigations but noted that the department is broadly working to protect consumers from risks associated with investing in the cryptocurrency market: “The department is in continuous contact with regulated entities to understand vulnerabilities and risks to consumers and …
The United States Department of Justice (DoJ) has charged a New York-based operator of a purported cryptocurrency payment services firm with a wire fraud and unlawful monetary transactions. The DoJ announced the allegations in a press release on Feb. 27. According to the release, New York citizen Randall Crater founded and managed My Big Coin Pay Inc. (My Big Coin), a purported cryptocurrency and virtual payment services company headquartered in Las Vegas, Nevada. From 2014 to 2017, Crater and his associates allegedly developed a fraudulent cryptocurrency “My Big Coins” and marketed it to investors. The accused allegedly lured investors by …
On Dec. 8, top executives from six major crypto companies faced the United States House of Representatives’ Financial Services Committee during a special hearing on digital assets. While the tone of the conversation was largely proclaimatory, the industry reacted with an optimistic buzz — it seems that crypto is bound to become a hot topic on the Hill for years to come. The meeting that took place in Congress also garnered much attention from mainstream media. What’s notable is the fact that this hearing is the first time that the industry’s senior leaders (aka “crypto moguls”) directly expressed the fears …
Troubled crypto lending firm Celsius is putting their best foot forward to recover operations alongside CEO Alex Mashinsky, who currently stays in the United States, the company has claimed. A spokesperson for Celsius has denied rumors that the company’s CEO tried to flee the U.S. last week amid the ongoing liquidity crisis of the Celsius Network. The representative told Cointelegraph on Monday that the firm continues working on restoring liquidity, stating: “All Celsius employees — including our CEO — are focused and hard at work in an effort to stabilize liquidity and operations. To that end, any reports that the …
The United States lawmakers have proposed an amendment to the State Department Basic Authorities Act of 1956 that includes information on crypto rewards and payouts. The proposed amendment under the National Defense Authorization Act (NDAA) requires the Department of State, an executive department of the U.S. federal government responsible for the country's foreign policy and relations, to inform about any crypto payouts or rewards within 15 days of making it. The NDAA is the name for each of a series of United States federal laws specifying the annual budget and expenditures of the U.S. Department of Defense. The official document …