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According to a report published on Feb. 12, 2023, the New York-based financial institution and technology company, Paxos, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) regarding alleged violations of investor protection laws. Paxos revealed the following day that it would no longer mint BUSD
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It was reported on Sunday that the SEC intended to sue Paxos for selling BUSD as an unregistered security. Original Source
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Blockchain infrastructure platform Paxos Trust Company will halt the issuance of new Binance USD (BUSD) stablecoins amid the ongoing probe by New York regulators.Paxos officially announced on Feb. 13 that the firm would end its relationship with Binance for the branded U.S. dollar-pegged stablecoin BUSD.Starting from Feb. 21, Paxos will
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Paxos Trust Company-issued stablecoin Binance USD (BUSD) being in the sights of United States regulators sparked various reactions from the crypto community.On Feb. 13, the United States Securities and Exchange Commission (SEC) issued a wells notice to Paxos, alleging that BUSD is unregistered security. On the same day, the New
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The New York Department of Financial Services (NYDFS) has ordered blockchain company Paxos Trust to stop the issuance of dollar-pegged Binance USD (BUSD) stablecoin. The New York regulator’s actions come shortly after the United States Securities and Exchange Commission (SEC) issued a wells notice to Paxos — a letter the regulator uses to tell
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Paxos Trust Company — the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is reportedly being investigated by the New York Department of Financial Services (NYDFS). A “person familiar with the matter” told Bloomberg in a Feb. 10 report that the exact motive behind the probe
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The New York Department of Financial Services is investigating crypto company Paxos, though the scope of the investigation is not yet clear. Source
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USDP is a dollar-pegged stablecoin one-to-one backed by cash and cash-equivalent U.S. government debt instruments, according to independent attestations. Both Paxos and USDP are regulated by the New York Department of Financial Services (NYDFS), the state’s leading financial regulatory agency. Effectively, Paxos would pass a part of the revenue earned
Read MoreUSDP is the native cryptocurrency of Paxos, a stablecoin that uses the Ethereum blockchain and is issued by the Paxos Trust Company. Every Paxos dollar (USDP) token is pegged to the U.S. dollar. This means the USDP price consistently remains around the $1 level, unlike more volatile cryptocurrencies such as
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