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Investors Rush to Tether as Paxos' BUSD Faces Regulatory Heat, Curve Liquidity Pools Show
14.2.2023
Investors are fleeing the Paxos-issued stablecoin even though the firm gave assurances it is fully backed and will be wound down in an orderly manner, one observer said
Binance's Stablecoin Under Fire: Rival Circle Sounds the Alarm to NY Regulators
14.2.2023
Circle, the US-based payments company that issues the stablecoin USD coin (USDC), alleged that major crypto exchange Binance did not fully back some of its own stablecoin proxies - and on Monday, blockchain infrastructure platform Paxos was ordered to cut its connection with Binance in regard...
Paxos and Binance end their partnership for BUSD, halting its minting
14.2.2023
Paxos has published a media statement to announce that it will soon halt the minting of BUSD. The development comes after the blockchain and tokenization infrastructure platform announced that it would end its relationship with Binance for the issuance of BUSD. This goes into effect on February...
Stablecoin Lender Liquity's LQTY Token Surges 45% as New York Regulator Goes After Paxos' BUSD
14.2.2023
Traders look more closely at decentralised censorship-resistant stablecoin lending protocols like Liquity in the wake of regulatory action on Paxos' centralized dollar-pegged cryptocurrency BUSD
SEC to target crypto firms operating as 'qualified custodians' — Report
14.2.2023
If a majority of the five-member SEC panel votes in favor of the draft proposal, it will proceed to the next stage, which will be reviewed by other members of the SEC
Stablecoins not the target in BUSD crackdown: Matrixport head of research
14.2.2023
Crypto financial service Matrixport’s head of research believes regulators are not targeting all stablecoins with the regulatory crackdown on BUSD issuer Paxos
Binance withdrawals and BUSD redemptions surge post Paxos crackdown
14.2.2023
Net outflows at the cryptocurrency exchange hit $788 million over the last 24 hours, however, Binance told Cointelegraph that "Funds are SAFU."
Paxos ‘categorically disagrees’ with the SEC that BUSD is a security
14.2.2023
Paxos said it will engage with the US securities regulator on the matter and is prepared to "vigorously litigate if necessary."
Binance Withdrawals Surge as Paxos-BUSD Drama Weighs on the Exchange
14.2.2023
Binance has endured some $828 million of net outflows in the past 24 hours, Nansen data shows. Monday’s outflow is the largest in a day since November, surpassing the withdrawal surge in December amid fears about Binance’s reserves
Circle blew the whistle on Binance reserves to NYDFS: Report
13.2.2023
The company's complaint to the New York regulator reportedly came before the SEC's lawsuit against Paxos over BUSD and NYDFS ordering the firm to "cease minting" the stablecoin
BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert
13.2.2023
Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been redeemed, bringing the number of BUSD in circulation to 15.87 billion. Stablecoin BUSD Sees...
Paxos ‘Categorically Disagrees’ With SEC That BUSD Is a Security, Says It Will Litigate if Needed
13.2.2023
The stablecoin issuer confirmed it has received a Wells Notice from the SEC, indicating a possible enforcement action is forthcoming
Algorand Foundation CEO: SEC’s Crypto Crackdown Highlights Lack of Regulatory Clarity
13.2.2023
Staci Warden says crypto-native firms are being punished rather than given guidance
Circle Sounded Alarm on Paxos, Told NYDFS Binance’s Stablecoin Wasn’t Fully Backed: Bloomberg
13.2.2023
New York’s top financial regulator is investigating stablecoin issuer Paxos – and, according to a new report, it was rival stablecoin issuer Circle that sounded an alarm
Binance USD's $16B Market Cap Up for Grabs as SEC-Paxos Suit Stirs Up Stablecoin Rivalry
13.2.2023
Tether’s USDT stablecoin will likely be a big winner as Paxos stops issuing Binance USD stablecoin after being sued by the top U.S. securities watchdog
Binance CEO Warns of ‘Profound Impacts’ on Crypto Industry if BUSD Is Ruled as a Security
13.2.2023
Binance CEO Changpeng Zhao (CZ) has warned of “profound impacts” on the crypto industry if stablecoin Binance USD (BUSD) is ruled as a security. His warning followed an alleged lawsuit by the U.S. Securities and Exchange Commission (SEC) against Paxos, the issuer of Binance USD....
SEC Threatens Lawsuit Against Binance BUSD Stablecoin-Issuer Paxos – What’s Going On?
13.2.2023
The Securities and Exchange Commission (SEC) has said it intends to sue Paxos Trust Company, a regulated New York-based firm that issues several popular stablecoins.
The threat of a lawsuit from the SEC came in the form of a letter to Paxos. The letter is a so-called Wells notice, used by...
Regulator NYDFS Says Paxos Didn't Administer Binance USD in 'Safe and Sound' Manner: Reuters
13.2.2023
Paxos Trust Company’s administration of Binance’s stablecoin left it open to use by bad actors, the New York Department of Financial Services told Reuters on Monday
Bitcoin, Ethereum Technical Analysis: ETH Hits 1-Month Low, Falling Under $1,500
13.2.2023
Ethereum started the week trading below $1,500, as it was reported that Paxos will no longer mint BUSD. This has led to a depegging of the stablecoin, and comes ahead of the upcoming U.S. inflation report, which is also adding to today’s volatility. Bitcoin edged lower on Feb. 13, as prices...
First Mover Americas: Paxos Acts on SEC Threat
13.2.2023
The latest price moves in bitcoin (BTC) and crypto markets in context for Feb. 13, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets