NYDFS Issues Virtual Currencies Greenlist Which Are Pre-Approved by Regulator

Vandana  |  Aug 7, 2020

The New York State Department of Financial Services, NYDFS has just issued a virtual currencies greenlist. The currencies which have been added in this list are pre-approved by the regulator for trading and listing license. These pre-approved coins include Bitcoin, Binance USD, Ethereum Classic, Bitcoin Cash, Ripple, Paxos Standard, Pax Gold, Gemini Dollar, Litecoin and Ethereum. 

NYDFS states licensed entity may use greenlisted coins

While issuing the greenlist of virtual currencies, NYDFS has specified many different things for different entities. As per the regulator, all the licensed entities can easily use the greenlisted coins for any purpose that has been approved. Along with this, it has also been specified that before using the coins, the entities will be required to inform DFS. 

In this greenlist, it has been seen that all the three issued tokens of Paxos are there. Dan Burstein, Chief Compliance Officer at Paxos has said that the work culture of his firm is completely centered around compliance. He has also ensured everybody that Paxos is committed to building the best products ever. Through this listing of issued tokens of Paxos in NYDFS’s greenlist, the complete time, energy, and hard work of the firm has been paid off.

Paxos is committed towards compliance

As per Burstein, while developing new products, the engineers and product managers of the firm put compliance at the very first place. Not only while developing new products, but compliance is also foremost even when it comes to forming new partnerships. These high compliance standards of the firm are used while providing services to the customers. Along with this, the security team of Paxos is there to ensure the security of the digital assets and personal information of the customers. Now after getting all of its issued tokens on the greenlist of NYDFS, the firm is aiming towards providing even better services to its customers.

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