Ben Lawsky Rejects Conflict of Interest Accusations
Ever since Benjamin Lawsky, former superintendent of the New York Department of Financial Services (NYDFS), and the man behind the BitLicense, departed from his job and founded a virtual currency compliance consultancy firm, he has faced accusations of creating a conflict of interest. Soon after departing from the NYDFS, Benjamin registered the Lawsky Group in Delaware on June 17, 2015, his firm located at 27 East 62nd Street in Manhattan. Lawsky’s new business quickly attracted criticism from the Bitcoin community. Bitcoin.com published a piece on the issue, which stated:
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Benjamin M Lawsky has rubbished the reports of him offering consultations on New York's Bitcoin regulatory framework, the BitLicense. The comments arrived during Lawsky's first public appearance since his resignation as the superintendent of New York Department of Financial Services (NDFS). The tough-nut financial watchdog was being interviewed by the American Banker editor-in-chief Marc Hochstein, where he faced a series of controversial questions concerning his new consultation firm. The interviewer had asked Lawsky whether he had any conflict-of-interest in monitoring and issuing....
Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.”
Binance Not Associated With Binance Group
Instead, Binance suggests in its September 3 Twitter thread that the FSCA might have erred when it issued the warning. The thread explained:
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Former New York State Department of Financial Services (NYDFS) superintendent Benjamin M Lawsky issued his first public statements on the BitLicense today following his stepping down from the position in June. The comments came during an interview with American Banker editor in chief Marc Hochstein at the second annual American Banker Digital Currencies + the Blockchain Conference in New York City, which also featured Digital Asset Holdings CEO Blythe Masters and Digital Currency Group CEO Barry Silbert, among others. Overall, the conversation stuck more broadly to areas of interest for....
The Department of Financial Services superintendent, Benjamin Lawsky, who has been leading the charge in an effort to regulate bitcoin, is reportedly considering resigning from his position in early 2015. Benjamin Lawsky is perhaps the most powerful person in New York State to be pushing regulation on the bitcoin community. Many are curious as to where Lawsky will go: a bank? a finance company? a Bitcoin company? an elected position? After the election of last week, it's not uncommon to see several resignations follow. Perhaps the most interesting resignation is that of Benjamin Lawsky.....
Former New York State Department of Financial Services (NYDFS) superintendent Benjamin Lawsky denied allegations from the Bitcoin community suggesting he created the BitLicense as a setup for his newly established legal firm, The Lawsky Group. Lawsky said he is not allowed to work on anything related to the BitLicense for the rest of his life. Lawsky countered the criticism during an interview with American Banker editor in chief Marc Hochstein. The interview, held at the American Banker Digital Currencies + the Blockchain Conference in New York City, was Lawsky's first public appearance....