Share this article
New York's Financial Regulator Is Now Inspecting Bitcoin Startups
The NYDFS is now carrying out legislated examinations of digital currency startups licensed in the state, according to an annual report.
By Pete Rizzo
Updated Dec 10, 2022, 8:02 p.m. Published Jun 20, 2017, 1:00 p.m.
Make us preferred on Google
The New York State Department of Financial Services (NYDFS) has released new information about the status of its digital currency licensing regime.
Issued as part of a broader annual report to the state's governor and legislature, the NYDFS provided a brief description of its overall activities, emphasizing what it believes is the continued need for oversight on the industry due to the increased "speed of transactions" that blockchain technologies enable.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Notably, the finance department also revealed that it has begun to inspect the operations of digital currency startups serving customers in the state.
The filing reads:
"DFS has begun examinations of these virtual currency companies, which, like other regulated financial services entities, are subject to periodic examinations by DFS."
As part of a 2015 law, digital currency startups must agree to examinations conducted at least once every two years. Such examinations enable the regulator to inspect "books, records, accounts, documents" and other company items, per the final text.
Elsewhere, the NYDFS noted that it has now licensed five virtual currency companies. To date, Circle, Coinbase and Ripple have all received a so-called 'BitLicense', while others, including Gemini and itBit (now Paxos) have been granted banking charters as an alternative avenue to oversight.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Circle, Coinbase, Paxos and Ripple.
New Yorkhttps://www.shutterstock.com/image-photo/looking-down-on-skyscrapers-busy-streets-565881037?src=4siQVa2y7t1i1FH0EdoYCA-1-18 image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.
What to know:
- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
Top Stories
