Paxos Seeks National Banking License, What’s the Impact?

Jakarta, Pintu News – Paxos, a blockchain-based financial infrastructure company, has applied to convert the trust charter administered by the New York Department of Financial Services (NYDFS) into a national trust charter under the supervision of the Office of the Comptroller of the Currency (OCC).

This step was taken to broaden the scope of regulation and improve safety and transparency standards on a global level.

Check out the full information in this article!

Submission of a National Charter by Paxos

Paxos has officially applied to convert its faith charter into a national faith charter. This is a strategic move to put Paxos under greater federal scrutiny.

With oversight from the OCC, Paxos hopes to expand its range of services and increase user confidence. The filing is also Paxos’ response to the growing market demand for transparency and security in blockchain-based financial services.

With a national charter, Paxos will be better able to manage customer assets, accept deposits, and make loans in accordance with US banking laws.

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Case Settlement with NYDFS and Its Impact

Prior to filing for a national charter, Paxos had settled a case with the NYDFS for a fine of $48.5 million. The case relates to Paxos’ failure to monitor illegal activities associated with the crypto exchange Binance.

The fine consists of a civil penalty of $26.5 million and $22 million for compliance program improvements. Paxos states that it has fully remediated the existing compliance issues and guarantees that customer accounts were not affected.

The settlement also marks Paxos’ commitment to comply with regulations and improve security and transparency standards in their operations.

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Paxos Global Expansion and Regulation

With a national charter, Paxos will not only operate under the supervision of the OCC but will also continue to be supervised by financial authorities in Finland, Singapore, and Abu Dhabi. This demonstrates Paxos’ commitment to complying with global financial regulations and strengthens their position as a leader in blockchain-based financial infrastructure.

Paxos also plans to expand their stablecoin portfolio which already includes PayPal USD (PYUSD) and Pax Dollar (USDP). With clear regulation and a national charter, Paxos hopes to further increase trust and adoption from traditional financial institutions as well as global consumers.

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Reference

• Coingape. Paxos Joins Ripple and Circle to Apply for a National Banking License. Accessed on August 13, 2025
• Cryptotimes. Paxos Files for OCC National Trust Charter to Expand Regulation. Accessed on August 13, 2025
• Coinpedia. Paxos Pursues National Trust Charter to Obtain Federal Oversight. Accessed on August 13, 2025
• Featured Image: The Block