{"id":74524,"date":"2023-02-22T19:54:25","date_gmt":"2023-02-22T17:54:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=74524"},"modified":"2025-09-09T20:35:21","modified_gmt":"2025-09-09T17:35:21","slug":"new-york-financial-regulator-to-strengthen-oversight-of-the-crypto-market","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/new-york-financial-regulator-to-strengthen-oversight-of-the-crypto-market\/","title":{"rendered":"New York financial regulator to strengthen oversight of the crypto market"},"content":{"rendered":"<p>The New York State Department of Financial Services (NYDFS) announced an update to tools for monitoring illicit activity involving digital assets among supervised entities.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/ICYMI?src=hash&#038;ref_src=twsrc%5Etfw\">#ICYMI<\/a>: DFS Superintendent Adrienne A. Harris Strengthens Department&#8217;s Ability to Detect Fraud in the Virtual Currency Industry. <a href=\"https:\/\/t.co\/BMvJnNBCVp\">pic.twitter.com\/BMvJnNBCVp<\/a><\/p>\n<p>\u2014 NYDFS (@NYDFS) <a href=\"https:\/\/twitter.com\/NYDFS\/status\/1628053954301919233?ref_src=twsrc%5Etfw\">February 21, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;These tools will help us fight financial crime and fraud, hold regulated entities to account, and further strengthen our national leadership in virtual currency oversight,&#8221; NYDFS said.<\/p>\n<\/blockquote>\n<p>The regulator did not disclose details. In a statement, it said that the updates would provide the Department with new capabilities to detect potential insider trading and cases of market manipulation.<\/p>\n<p>On February 10, NYDFS<a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-new-york-regulator-opens-investigation-into-paxos\"> initiated an investigation<\/a> into the issuer of Binance USD (BUSD), Paxos. The regulator later ordered the firm to stop issuing the stablecoin.<\/p>\n<p>The company said it would halt the issuance of the asset, but would continue to support redemptions and conversions at least until February 2024. In the Department<a href=\"https:\/\/forklog.com\/en\/news\/new-york-regulator-explains-paxos-decision\"> explained<\/a> that their actions were due to insufficient reserve backing for the &#8216;stablecoin&#8217;.<\/p>\n<p>There were also reports of threats by the SEC to sue Paxos for securities-law violations in the issuance of BUSD. <\/p>\n<p>In 2022, Circle filed a complaint with NYDFS regarding the quality of reserve management for Binance USD, according to Bloomberg.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The New York State Department of Financial Services (NYDFS) announced an update to tools for monitoring illicit activity involving digital assets among supervised entities.<\/p>\n","protected":false},"author":1,"featured_media":74525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1457,36,26],"class_list":["post-74524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-nydfs","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=74524"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74524\/revisions"}],"predecessor-version":[{"id":74526,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74524\/revisions\/74526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/74525"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=74524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=74524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=74524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}