bank charter, conditional approval, Crypto-Bank, Cryptocurrency, Dan Burstein, Digital Assets, Federal Regulator, Gold Token, new york, OCC, Office of the Comptroller of the Currency, Paxos, Paxos National Trust, Stablecoin, US OCC

The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans.

Paxos Granted Preliminary Conditional Approval for a US Bank Charter

The New York-based financial institution and technology company Paxos has been granted preliminary conditional approval for a bank charter by the Office of the Comptroller of the Currency (OCC). The OCC published information on the conditional approval on April 23, 2021, showing authorization of the company’s application to charter the Paxos National Trust.

“The OCC granted a national trust bank charter to Paxos after [a] thorough review of the company and its current operations,†the OCC’s press release notes. “In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications. The OCC granted preliminary conditional approval to Paxos after [a] thorough review of its application.â€

Paxos was founded in 2012 in New York City, but the company also has offices in Singapore and London as well. At the end of December 2020, documents show that Paxos has raised roughly $240 million in financing since the company’s inception. Paxos is also known for issuing a stablecoin based on the value of the U.S. dollar and a token backed by the precious metal gold as well. The preliminary approval status aims to provide Paxos the authority to exercise fiduciary powers under 12 USC 92a and 12 CFR 5.26.

Paxos National Trust Must Obtain the Regulator’s Final Approval

Paxos General Counsel Dan Burstein is addressed in the OCC’s preliminary approval letter. The OCC’s letter stresses that the regulating entity plans to process background checks and other reviews of the Paxos’ executive staff.

“Accordingly, the continued service of these individuals will be dependent on satisfactory completion of the background investigation process,†the OCC letter states.

“Prior to the Bank’s opening,†the OCC’s approval letter concludes. “The bank must obtain the OCC’s prior written determination of no objection for any additional organizers or executive officers or directors appointed or elected before the person assumes the position.†Further, if the OCC finds any issues it can modify, suspend, and rescind the preliminary conditions if any material information changes before the OCC’s final decision.

What do you think about Paxos getting conditional approval for a bank charter in the U.S.? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Survey: 1 in 4 American Investors Believe Dogecoin is the Future

The meme-based crypto asset dogecoin has seen a phenomenal year, capturing a whopping 19,723% against the U.S. dollar during the last 12 months. Dogecoin’s price gains have pushed interest toward the cryptocurrency, quickly making it a recognizable name. A recently published survey from the web portal gamblerspick.com suggests one out of every four Americans “believe […]

Xem chi tiết: Survey: 1 in 4 American Investors Believe Dogecoin is the Future

Cybersecurity Firm Spots a Crypto Stealer Distributed Through a Massive Email Spam Campaign and Discord Channels

A crypto stealer seems to have spread through a massive spam campaign across several countries, including the United States, Australia, Japan, and Germany. The malware dubbed “Panda Stealer†has been spotted by a cybersecurity company. It is reportedly also distributed on Discord channels. Malware Can Also Steal Data From Telegram and Discord Apps According to […]

Xem chi tiết: Cybersecurity Firm Spots a Crypto Stealer Distributed Through a Massive Email Spam Campaign and Discord Channels

Bitcoin Cash Argentina Runs Flipstarter to Boost Adoption in the Country

Bitcoin Cash Argentina, a nonprofit organization whose objective is to promote the use of Bitcoin Cash, has started a flipstarter campaign that seeks to raise funds to explain the use cases of this cryptocurrency in the country and boost its adoption. Argentina’s economy has been severely affected by inflation and devaluation, the reason why interest […]

Xem chi tiết: Bitcoin Cash Argentina Runs Flipstarter to Boost Adoption in the Country

Survey: 1 in 4 American Investors Believe Dogecoin is the Future

The meme-based crypto asset dogecoin has seen a phenomenal year, capturing a whopping 19,723% against the U.S. dollar during the last 12 months. Dogecoin’s price gains have pushed interest toward the cryptocurrency, quickly making it a recognizable name. A recently published survey from the web portal gamblerspick.com suggests one out of every four Americans “believe […]

Xem chi tiết: Survey: 1 in 4 American Investors Believe Dogecoin is the Future

SEC to Scrutinize Funds Invested in Bitcoin Futures

The U.S. securities watchdog has announced it will scrutinize mutual funds that include investments in bitcoin futures markets to verify funds that comply with the Investment Company Act. The institution warned about the dangers of investing in bitcoin futures markets due to the implicit volatility of the underlying asset. SEC Warns Funds About Bitcoin Futures […]

Xem chi tiết: SEC to Scrutinize Funds Invested in Bitcoin Futures

Urban Tea Now Accepts Cryptocurrencies Including Dogecoin

A specialty tea products retailer based in China’s Hunan province, Urban Tea, has introduced crypto payments in its stores and restaurants on two continents. Starting from this week, customers will be able to buy its beverages and meals using various cryptocurrencies. Chinese Tea Stores and Restaurants to Accept Crypto The publicly traded tea company runs […]

Xem chi tiết: Urban Tea Now Accepts Cryptocurrencies Including Dogecoin

Mastercard Payment Index: More Consumers in Three African Countries Plan to Use Crypto Based Payment Methods

According to a recent Mastercard payment index report, the Covid-19 related lockdowns helped spread the use of cryptocurrency in three African countries, namely Nigeria, Kenya, and South Africa. The report also reveals that a greater number of consumers from these countries are “likely to use one emerging payment method in the coming year.†More Respondents […]

Xem chi tiết: Mastercard Payment Index: More Consumers in Three African Countries Plan to Use Crypto Based Payment Methods

Mark Zuckerberg’s Goat, “Bitcoin”, Ignites Conspiracy Theories

Yesterday, Mark Zuckerberg, founder and CEO of Facebook, revealed he’d named one of his goats “Bitcoinâ€. This was seemingly an innocent announcement that, nonetheless, got the crypto sphere talking on what deeper meaning this might indicate. While some have rationalized this as being an endorsement of Bitcoin by Facebook, others have suggested weirder theories. Bitcoin: […]

Xem chi tiết: Mark Zuckerberg’s Goat, “Bitcoin”, Ignites Conspiracy Theories

Elon Musk Hints at Tesla Accepting Dogecoin for Payments

Switzerland’s Largest Bank UBS Mulls Over Cryptocurrency Services

Shiba Inu Gets Listed in Binance and FTX After Price Skyrockets

One of Africa’s Oldest Wildlife Conservancies Accepts Crypto Donations

South Korea to Crack Down on Phishing Websites Attacking Crypto Users

Spacex to Launch Dogecoin Paid DOGE-1 Mission to the Moon

Asian Auction House Phillips Will Accept Crypto at Auction for a Physical Piece of Banksy Art

Ethereum Classic Rose 220% This Week, but Why?