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NYDFS Says Paxos' Negligence in Risk Assessments Exposed Itself to Bad Actors
Summary: The New York Department of Financial Services said on Monday that Paxos had failed to conduct adequate risk assessments. Paxos “violated its obligation to conduct tailored, periodic risk assessments…of Binance and Paxos-issued BUSD customers to prevent bad actors from using the platform,” a spokesman for the platform said. Previously, the NYDFS ordered Paxos to cease ...
The New York Department of Financial Services said on Monday that Paxos had failed to conduct adequate risk assessments.
Paxos “violated its obligation to conduct tailored, periodic risk assessments…of Binance and Paxos-issued BUSD customers to prevent bad actors from using the platform,” a spokesman for the platform said.
Previously, the NYDFS ordered Paxos to cease minting the stablecoin due to issues relating to Paxos’ relationship with Binance.
Author: Katie Lin
Tags: Binance,New York Department of Financial Services,NYDFS,Paxos,risk assessments,Stablecoin
Link: NYDFS Says Paxos' Negligence in Risk Assessments Exposed Itself to Bad Actors [Copy]
