Paxos
Investors Rush to Tether as Paxos' BUSD Faces Regulatory Heat, Curve Liquidity Pools Show
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 Withdrawals Surge as Paxos-BUSD Drama Weighs on the Exchange
Binance has endured some $831 million of net outflows in the past 24 hours, Nansen data shows. Monday’s outflow is the largest in a day since November.
Paxos ‘Categorically Disagrees’ With SEC That BUSD Is a Security, Says It Will Litigate if Needed
The stablecoin issuer confirmed it has received a Wells Notice from the SEC, indicating a possible enforcement action is forthcoming.
Paxos To Stop Minting BUSD After Regulatory Action; IMF Issues Warning Over El Salvador’s Bitcoin Experiment
Stablecoin issuer Paxos will stop minting new Binance USD (BUSD) tokens at the direction of the New York Department of Financial Services (NYDFS), with the news coming just after a report of the threat of legal action from the U.S. Securities and Exchange Commission (SEC). The International Monetary Fund (IMF) has warned that bitcoin's risks in El Salvador should be addressed. Shares of Hut 8 Mining continue to slide after agreeing to merge with U.S. Bitcoin Corp last week.
Algorand Foundation CEO: SEC’s Crypto Crackdown Highlights Lack of Regulatory Clarity
Staci Warden told CoinDesk TV 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
The report comes amid mounting regulatory concerns for Paxos.
Paxos to Stop Minting Stablecoin BUSD Following Regulatory Action
Stablecoin issuer Paxos will stop minting new Binance USD (BUSD) tokens at the direction of the New York Department of Financial Services (NYDFS), with the news coming just after a report of the threat of legal action from the U.S. Securities and Exchange Commission (SEC). CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the details and the wider implications for crypto regulation.
Regulator NYDFS Says Paxos Didn't Administer Binance USD in 'Safe and Sound' Manner: Reuters
The New York regulator said Paxos’ management of the stablecoin left it open to use by bad actors.
