United States of America: Announced settlement in New York State Department of Financial Services investigation into BitPay

On 16 March 2023, the New York State Department of Financial Services (NYSDFSS) announced it had reached a settlement in its investigation into BitPay for alleged deficiencies in the company's cybersecurity regulations and anti-money laundering (AML) compliance programs as required under the Virtual Currency Regulation. In particular, the NYSDFSS announced that BitPay will pay a penalty of USD 1 million and submit a remediation plan within 180 days outlining measures for improvement.