X Money Replaces APY With $300 Bonus After NYDFS Warning
- —NYDFS told X Payments it cannot offer bank-like rewards on stored balances
- —X Payments holds money transmitter license MT-105532 issued July 24, not a bank charter
- —APY was paid through September 30; from October 1 only the $300 bonus applies
- —The bonus requires $3,000 in eligible transfers and is credited within 14 days
Why it matters: The case sets a precedent for tech platforms embedding financial services without a bank charter and caps yield on stored balances in the US.
Source: Bit2Me News
More on this
Regulation · Sep 24Swedish central bank chief: stablecoins won't replace bank money, but will sharpen payments competition
Regulation · Sep 29Bitbanker analyst suggests boosting digital ruble adoption with bonuses and cashback
Regulation · Sep 25NYDFS Reaffirms Push for Stronger Crypto Oversight at TDC Forum