Paxos in Talks With SEC Over Binance Stablecoin: Report
According to Reuters on Tuesday (Feb. 21, 2022), Charles Cascarilla, CEO of Paxos, sent an email to the firm’s employees on Feb. 18, informing them that the company is holding “constructive discussions” with the SEC. Earlier in February, Paxos received a Wells notice from the American regulator alleging that the firm was selling unregistered securities, indicating that the Binance-branded BUSD was a security. Cascarilla further said Paxos was looking to continue its discussions with the Securities and Exchange Commission privately, adding that the firm was ready to defend its stance that BUSD was not a security if it was necessary.
Paxos in ‘Constructive Discussions With the SEC,’ Ends Relationship With Binance
Stablecoin issuer Paxos told employees it's in "constructive discussions" with the U.S. Securities and Exchange Commission (SEC) after getting a Wells notice about the Binance USD stablecoin coin.
The SEC Has a Stablecoin Firm in its Sights — and it Could Shake up the Whole $137 Billion Market
The U.S. Securities and Exchange Commission could be gearing up to take action against Paxos, a company that issues a type of cryptocurrency called stablecoin. The move will have major implications for the $137 billion market, experts told CNBC. Stablecoins are a type of cryptocurrency designed to mirror real-world assets such as the U.S. dollar. These stablecoins are often backed by real assets such as bonds or cash in reserve. They have become the backbone of the crypto market as they allow people to trade in and out of different coins quickly without having to convert in and out of fiat currency. (CNBC)
Paxos Says It’s Prepared To Challenge the SEC Over BUSD Security Claims
Paxos, a leading regulated blockchain and tokenization infrastructure platform, has responded to the U.S. Securities and Exchange Commission over its issuance of Binance USD “BUSD” stablecoin.
Nearly 3 Billion BUSD Stablecoins Have Been Removed From the Market in 6 Days
Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy’s $67.71 billion in global trade volume over the past 24 hours.
SEC Charges Terraform Labs and CEO; Binance US Moved $400M to Trading Firm Linked to CZ | Cointime Weekly Feb.12 – Feb.18
NFT marketplace Wars: Blur tells users to ban OpenSea, OpenSea drops fee to 0%; SEC to sue crypto Trust Co. Paxos, Paxos will no longer issue BUSD; Bank of Russia to pilot CBDC in April.
BUSD Exchange Outflows Reach Monthly Peak As Paxos Fuels Mass Exodus
The regulatory hammer has fallen hard and this time it has come down hard on Paxos, the issuer of BUSD. As a result, a bank-run type of event ensued as investors dropped BUSD.
Binance Mints 50M TrueUSD Days After Paxos Ordered Stop Issuing BUSD
Only days after reports of United States regulatory scrutiny of Paxos and Binance USD (BUSD), cryptocurrency exchange Binance has minted nearly $50 million worth of TrueUSD (TUSD). The transaction took place on Feb. 16, according to data from Etherscan, and also comes two days after Binance CEO Chanpeng 'CZ' Zhao said in a Feb. 14 Twitter Spaces that Binance would look to “diversify” its stablecoin holdings away from BUSD. (Cointelegraph)
Regulators Failed to Address Crypto Collapses, Now They’re Going After ‘On-Ramps’, Says Former Paxos Exec
“Regulators in general failed to adequately address Celsius [Network], Terra and FTX, and are now going after any of the on-ramps they can to try to reduce access to the system,” Campbell, now an adjunct professor at Columbia University's Business School, said on CoinDesk TV’s “First Mover” on Wednesday.
Stablecoin Issuer Paxos Burns $700M Binance USD in 27 Hours Amid Regulatory Pressure
Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Paxos announced on Monday that it would stop issuing the cryptocurrency amid mounting regulatory pressure, blockchain data shows.
