Yes, Paxos is a New York State-chartered trust company regulated by the New York State Department of Financial Services (NYDFS). As a trust company, Paxos is subject to a higher level of regulatory oversight, ensuring all our customers’ funds have the highest form of protection. We’re safer than exchanges or other service providers that only have a Money Services Business (MSB) designation or a BitLicense. We have to meet specific NYDFS capital reserve, consumer protection, compliance, and anti-money laundering requirements and undergo regular exams. Our customers receive the highest level of security and protection for the crypto and fiat assets they deposit with us. We chose to have this trust charter because New York is the global financial hub and the NYDFS is the toughest oversight organization. By having this designation, we can offer customers the best security and most trust.
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You may direct a complaint to the attention of the New York State Department of Financial Services at One State Street New York, NY 10004-1511 or 1-800-342-3736. Please visit www.dfs.ny.gov for information.