BUSD issuer Paxos has categorically disagreed with the allegations by the SEC. The firm's press release indicated vigorous litigation in this matter if necessary.
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USDC Issuer Circle reportedly alerted the New York Department of Financial Services last year about insufficient reserves at Binance to support the tokens issued by the exchange.
Summary: Aave community member Marc Zeller proposed halting the BUSD lending market on Ethereum. Zeller argued that the Paxos-issued stablecoin was bound to decline in supply and inability to mint new tokens would affect peg arbitrage opportunities. The proposal was submitted shortly after U.S. regulators ordered Paxos to halt minting...
Summary: Paxos will wind down its relationship with Binance for the BUSD stablecoin. BUSD redemptions will continue till at least February 2024 but no new tokens will be minted following an order from the New York Department of Financial Services and an SEC lawsuit. Binance will also continue to support...
Summary: Paxos was ordered to stop minting Binance USD (BUSD) by the New York Department of Financial Services. The order coincided with the SEC’s plans to sue Paxos for selling unregistered securities in BUSD. CEO of the crypto exchange, Changpeng Zhao, noted that his company would review other projects to...
Fintech giant PayPal has reportedly paused working on its stablecoin due to the renewed regulatory crackdown on crypto firms. PayPal was working with Paxos, which is currently facing a probe by the NYDFS.
A report by WSJ revealed that Wall Street's Cantor Fitzgerald helps oversee Tether's $39 billion bond portfolio that back its USDT stablecoin.
The SEC's crackdown on staking services in the U.S had led to traders turning to DeFi staking protocols. Governance tokens of liquid staking services were very volatile over the past 24 hours.
Summary: SEC Commissioner Hester Pierce disagreed with the regulator’s move to shut down Kraken’s staking service. Pierce noted that the decision was not a fair way of regulating the crypto industry and that digital asset staking models differ. Kraken was ordered to shut down its staking service for U.S. customers...
Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies have teamed with CoinFLEX to launch a new crypto exchange that will allow users to trade their claims against bankrupt crypto firms.
LocalBitcoins is shutting down its platform this month due to the ongoing crypto winter. The peer-to-peer Bitcoin exchange has been serving customers for more than 10 years.
Tether's latest attestation report revealed that the USDT issuer's assets exceeded its liabilities. CTO Paolo Ardoino claimed that the firm made a profit of $700 million in the last quarter of 2022.