New York | Crypto

The New York Department of Financial Services (NYDFS) said the fine was due to a lack of anti-money laundering oversight. Update Aug. 7, 21:06 UTC: This article has been updated to add a response from Paxos. The New York Department of Financial Services (NYDFS) reached a $48.5 million settlement with crypto infrastructure company Paxos over its partnership with Binance and alleged failure to uphold sufficient anti-money laundering provisions. Paxos agreed to pay New York state a $26.5 million penalty and will spend an additional $22 million to overhaul its compliance program, according to Thursday’s announcement.  Read more

Zohran Mamdani has made waves after his primary election victory, but what would he mean for the crypto industry in NYC? Zohran Mamdani won the New York mayoral primary election on June 24, which has since caused a stir among the crypto industry’s upper crust. Mamdani will face off against incumbent Mayor Eric Adams in November, and it’s clear that many in the crypto industry are uneasy about the prospect of a Mamdani victory. Executives and pro-crypto government officials alike have decried his policy proposals, with critics equating his left-leaning policies to Soviet collectivism. Mamdani laid out many specific policy positions, several of which were further left than the Democratic Party norm, but he has remained relatively silent on cryptocurrency. His opponent, Adams, in contrast, is promoting it at great length. Read more

In the latest development for the ongoing LIBRA coin legal saga, Argentinian newspaper La Nacion reports that Hayden Mark Davis, CEO of Kelsier Ventures, submitted a voluntary statement last Monday to a federal court in New York. The case centers on a class action lawsuit brought by U.S. investors who suffered losses following the rapid […] The post US entrepreneur Hayden Davis testifies in LIBRA case in New York as legal proceedings advance appeared first on CryptoSlate.

Officials reported that scammers had used crypto to pay for fake digital asset investment ads on social media platforms, leading to more than $1 million in losses for victims. New York officials reported an investigation resulting in the recovery of ​​$140,000 and freezing $300,000 in stolen funds as part of a cryptocurrency investment scam using fake ads on social media. In a Wednesday notice, authorities with the Brooklyn District Attorney’s office, the New York State Attorney’s office and the New York State Department of Financial Services said they had disrupted a scheme to defraud members of the Russian community in the state and nationwide. According to officials, the scammers used cryptocurrency to pay for fake digital asset investment ads on Facebook and other platforms, leading to the seizure of $140,000 and freezing $300,000 worth of crypto. Read more

The NYDFS also granted MoonPay a money transmitter license for New York state.

Another man was arrested in New York to face charges related to an abduction case that left a Bitcoin investor tortured and held for weeks.

Wintermute has expanded to New York, reflecting the shift in U.S. crypto policy. The trading firm has hired Ron Hammond, once senior director at the Blockchain Association, to lead advocacy as President Trump’s SEC pick Paul Atkins proposes clearer rules for digital assets. The post Wintermute Plants Flag in New York, Betting on Softer US Crypto Rules appeared first on Cryptonews.

Wintermute joins at least eight other large crypto firms that announced their expansion to the US, banking on improved regulatory clarity for the Web3 industry. Wintermute, a London-based algorithmic crypto trading and market-making firm, has opened an office in New York as part of its expansion into the US. Wintermute announced the opening of its New York office on May 15, citing improved regulatory conditions in the world’s largest economy. “As the US takes a friendlier stance on digital assets and institutional adoption accelerates, we moved quickly to establish roots in New York City,” the company wrote in a May 15 X post, adding that the local presence will help them in “contributing to the future regulatory framework.” Read more

Adrienne Harris says the financial services regulator she runs takes a “tough but fair" approach to digital asset companies. Adrienne Harris, the head of the New York State Department of Financial Services (NYDFS), said New York has an “outsized role to play” in the crypto ecosystem, particularly in shaping regulatory frameworks for digital assets. During a panel on May 14 at Consensus 2025 in Toronto, she said the NY estate is frequently asked to provide guidance on regulators. “With respect to federal regulation and legislation [...] members of Congress are often coming to us [NYDFS] asking about our process, about our regulations, about guidance, how they should be thinking about legislation,” Harris said. According to Harris, the NYDFS was “unnecessarily tough” and lacked resources in the past. Now, under her purview, she said the NYDFS is “tough but fair,” noting that the digital currency oversight team has since doubled in size. Read more