New York State Department of Financial Services regulator
Overview
The New York State Department of Financial Services (NYDFS) is a state-level financial regulator overseeing banking, insurance, and financial services in New York. It is known for its regulation of virtual currencies, most notably through the BitLicense framework, which requires licenses for certain cryptocurrency activities. NYDFS also conducts enforcement actions and issues guidance on digital assets.
Within the DeFi Intel graph, New York State Department of Financial Services connects to 44 tracked entities, most strongly to Circle, Coinbase, Ripple.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 44 total).
| Relation | Connected entity | Confidence |
|---|---|---|
regulates | Circle | 95% |
regulates | Coinbase | 95% |
regulates | Ripple | 95% |
regulates | Paxos | 95% |
suspended | Paxos | 95% |
regulates | Gemini Trust Company | 95% |
regulates | Ripple USD | 95% |
regulates | PayPal | 95% |
regulates | Bitstamp | 95% |
regulates | Robinhood | 95% |
Frequently asked questions
What is the New York State Department of Financial Services?
The New York State Department of Financial Services (NYDFS) is a state-level financial regulator overseeing banking, insurance, and financial services in New York. It is known for its regulation of virtual currencies, most notably through the BitLicense framework.
Which companies are regulated by the NYDFS?
The NYDFS regulates Circle, Coinbase, Paxos, and Gemini Trust Company. These entities hold licenses or charters from the NYDFS, such as BitLicenses or trust charters.
What is the BitLicense framework?
The BitLicense is a regulatory framework created by the NYDFS that requires licenses for certain cryptocurrency activities in New York. It is a key part of the NYDFS's oversight of virtual currencies.