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Binance USD Loses 43% Of Market Cap Value Following Regulation Issues

Binance USD (BUSD) has suffered a significant loss of about 43% of its market cap value in the last 3 weeks following a regulatory crackdown by U.S. authorities. BUSD is a popular token issued by the Paxos Trust Company, and it serves as the native stablecoin of the Binance exchange.

On Feb. 13, 2023, news broke out on the U.S. Securities and Exchange Commission (SEC) issuing a Wells Notice to Paxos stating its ongoing deliberation to file a lawsuit against the blockchain infrastructure company on the basis of potential violations of investor protection laws.

According to the SEC, Paxos is found wanting for issuing the BUSD token, which the commission considers an unregistered security and that it should be registered under the federal securities law. 

Binance SEC
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