NYDFS regulator
Overview
The New York Department of Financial Services (NYDFS) is the state agency responsible for regulating financial services and products in New York, including banking, insurance, and virtual currency businesses. It gained prominence in the crypto industry for introducing the BitLicense framework in 2015, which requires firms engaging in virtual currency activities to obtain a license. NYDFS also conducts enforcement actions and issues guidance on compliance and consumer protection.
Within the DeFi Intel graph, NYDFS connects to 14 tracked entities, most strongly to Paxos, NY DFS BitLicense, Gemini Trust Company.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 9 of 14 total).
| Relation | Connected entity | Confidence |
|---|---|---|
regulates | Paxos | 96% |
governs | NY DFS BitLicense | 96% |
regulates | Gemini Trust Company | 95% |
issued | NYDFS USD-backed stablecoin guidance | 95% |
regulates | Paxos Gold | 95% |
issued | NYDFS Paxos BUSD wind-down order | 95% |
chartered | Coinbase Custody Trust Company LLC | 95% |
governs | NYDFS Limited Purpose Trust Charter | 94% |
regulates | Circle | 92% |
Frequently asked questions
What is the NYDFS?
The New York Department of Financial Services (NYDFS) is the state agency responsible for regulating financial services and products in New York, including banking, insurance, and virtual currency businesses.
What is the BitLicense?
The BitLicense is a framework introduced by the NYDFS in 2015 that requires firms engaging in virtual currency activities to obtain a license.
Which entities are regulated by the NYDFS?
Entities regulated by the NYDFS include Paxos, Gemini Trust Company, Paxos Gold, and Coinbase Custody Trust Company LLC.