Is Paxos a bank?

Could you please clarify for me, is Paxos considered a bank under traditional financial regulations? I'm curious to know if they hold the same licenses and operate within the same frameworks as traditional banking institutions. Additionally, how does Paxos differentiate itself from traditional banks in terms of the services it offers and the technologies it employs? Is there a specific regulatory framework that Paxos operates under, or is it a unique hybrid model?