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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\u2019s future banking plans.<\/strong><\/p>\n The New York-based financial institution and technology company Paxos<\/a> has been granted preliminary conditional approval for a bank charter by the Office of the Comptroller of the Currency (OCC). The OCC published information<\/a> on the conditional approval on April 23, 2021, showing authorization of the company\u2019s application to charter the Paxos National Trust.<\/p>\n \u201cThe OCC granted a national trust bank charter to Paxos after [a] thorough review of the company and its current operations,\u201d the OCC\u2019s press release notes. \u201cIn 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.\u201d<\/p>\n 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\u2019s 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.<\/p>\n <\/ins> <\/ins> <\/p>\nPaxos Granted Preliminary Conditional Approval for a US Bank Charter<\/h2>\n
Paxos National Trust Must Obtain the Regulator\u2019s Final Approval<\/h2>\n