NYDFS

Coinbase has received approval from the New York State Department of Financial Services to offer trading of the digital currency ether, along with other products.

The German lender says that the Justice Department closed a criminal inquiry into its currency-trading activities without action, but regulators are said to be in the final stages of their own reviews of that conduct to determine if any fines are in order.

New York's financial regulator had sought to expand licensing requirements for certain fintech firms through a provision in the state's budget, but the provision was not included.

The New York State Department of Financial Services is hoping to expand its authority to marketplace lenders, brokers, merchant cash advance companies and others that previously could operate in the state without a license.

The head of the New York Department of Financial Services did not mince words Wednesday in criticizing a proposed federal fintech charter.

Gov. Andrew Cuomo wants to give the state's banking regulator the power to ban "bad actors" from working in financial services, allowing it to step in when federal agencies refuse to act.