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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
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According to the blockchain infrastructure company Paxos, the firm has frozen 11,184.38 pax gold (PAXG) tokens held on the platform FTX.com. The regulated token issuer noted that it was directed to freeze the PAXG tokens after “direction from U.S. federal law enforcement.” Paxos Complies With U.S. Law Enforcement Request to Freeze
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The planned hiring push in Singapore suggests Paxos is bucking the wider digital asset industry trend of headcount cuts in response to the past several months' crypto market slump. Some 11,700 crypto jobs had been lost since the beginning of April, according to CryptoX estimates, based on media reports and
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"From the start, we’ve been committed to innovating within regulatory frameworks," he said. "We believe blockchain and digital assets will revolutionize finance for everyone around the world, but development of this technology must have clear oversight and consumer protections. We’re excited to have MAS as our regulator, and with their
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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cryptox
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“There’s a lot of consumers out there that are really interested in this, and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions,” Mastercard’s chief digital officer, Jorn Lambert, told CNBC. “It’s a little scary to some people still.” Source
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As the region is enduring the highest inflation in the world, lingering around 12%, the dollar keeps its dominant position as a tool to counter the local inflation challenges. In this way, Latin Americans already see dollar-backed stablecoins as more secure than their own currencies, the report said. Original Source
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On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change “will likely lead to
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