New York State Department of Financial Services

New York DFS Announces Settlement With Gemini Trust
New York DFS Announces Settlement With Gemini Trust
February 28, 2024  |  Legal

The New York State Department of Financial Services (DFS) said Wednesday (Feb. 28) that Gemini Trust Company has agreed to return at least $1.1 billion to customers of its...

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Genesis Global Trading to Pay $8 Million Penalty, Surrender BitLicense
Genesis Global Trading to Pay $8 Million Penalty, Surrender BitLicense
January 12, 2024  |  Legal

The New York State Department of Financial Services (DFS) has announced that Genesis Global Trading will pay an $8 million penalty to the state and surrender its BitLicense.  These...

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Metropolitan Commercial Bank to Pay $15 Million Penalty for Fraud Oversight
Metropolitan Commercial Bank to Pay $15 Million Penalty for Fraud Oversight
October 19, 2023  |  Fraud Attack

Metropolitan Commercial Bank (MCB) has agreed to pay a penalty of $15 million following an investigation by the New York State Department of Financial Services...

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NYDFS Publishes Proposed Guidance for Virtual Currency Listing and Greenlisted Coins
NYDFS Publishes Proposed Guidance for Virtual Currency Listing and Greenlisted Coins
September 18, 2023  |  Cryptocurrency

The New York State Department of Financial Services (DFS) has published proposed guidance focusing on virtual coin listing and the general framework for greenlisted coins. This guidance builds...

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New York DFS Places Yonkers Postal Employees Credit Union Into Conservatorship
New York DFS Places Yonkers Postal Employees Credit Union Into Conservatorship
July 28, 2023  |  Credit Unions

The Yonkers Postal Employees Credit Union (Yonkers CU) has been placed into conservatorship by the New York State Department of Financial Services (DFS), with the...

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US Lawmakers Debate Dueling Stablecoin Bill Drafts
US Lawmakers Debate Dueling Stablecoin Bill Drafts
May 18, 2023  |  Regulation

U.S. lawmakers faced off Thursday (May 18) over two proposed stablecoin bills. Both bills under consideration would allow both banks and non-banks to issue stablecoins. It was...

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Regulators Blame Signature for Own Failure and Themselves for SVB’s
Regulators Blame Signature for Own Failure and Themselves for SVB’s
April 28, 2023  |  Banking

In a scathing self-assessment, the Federal Reserve’s autopsy on Silicon Valley Bank’s failure puts blame partially on its own doorstep, as regulator reports on Signature...

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Circle’s Troubles Could Stoke Demand for Regulation of Stablecoins
Circle’s Troubles Could Stoke Demand for Regulation of Stablecoins
March 13, 2023  |  Cryptocurrency

There could be greater demand for regulation of stablecoins after USDC briefly lost its dollar peg. Regulators had already been looking at stablecoins, and the...

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NYDFS Secures $157.4 Million in Recoveries and Penalties in 2022
NYDFS Secures $157.4 Million in Recoveries and Penalties in 2022
March 08, 2023  |  Regulation

The New York State Department of Financial Services (DFS) secured $157.4 million in 2022. That total includes $124.5 million recovered for consumers and healthcare providers...

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