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Paxos also noted in its press release that the Wells Notice specifically had to with BUSD and not any other part of its business. “This SEC Wells notice pertains only to BUSD. To be clear, there are unequivocally no other allegations against Paxos,” Paxos wrote. Original Source
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Bloomberg reported on Monday that Circle tipped off the New York Department of Financial Services (NYDFS) in the fall of 2022, complaining that blockchain data revealed Binance did not have enough reserves to back up the BUSD tokens it had issued through Paxos. Bloomberg cited a source familiar with the
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In the largest BUSD pool on decentralized finance (DeFi) protocol Curve, where traders can swap between stablecoins, traders almost depleted the USDT, USDC and DAI liquidity. Now, 85% of the pool’s liquidity is BUSD, making it difficult for traders to exchange large amounts of BUSD, and forcing sellers to accept
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Paxos "violated its obligation to conduct tailored, periodic risk assessments and due diligence refreshes of Binance and Paxos-issued BUSD customers to prevent bad actors from using the platform," a spokesman with the regulator told Reuters, saying the token wasn’t being administered in a “safe and sound” manner. Source
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By Marcus Sotiriou, Market Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). Bitcoin is currently testing $21,500, a key support level, whilst US regulators hone in on crypto
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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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