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Paxos has reapplied for a US national trust bank charter, aiming to enhance its services under federal oversight after its previous approval expired in 2023.
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Paxos aims to custody customer assets and settle payments nationwide.
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Paxos’ previous charter approval expired in March 2023 due to regulatory conditions.
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Paxos faces scrutiny following a $48.5 million settlement with NYDFS over compliance issues.
Paxos has reapplied for a US national trust bank charter to enhance its services under federal oversight, following the expiration of its previous approval.