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The firm behind Binance’s stablecoin, Paxos Trust Company, is in discussions with the U.S. Securities and Exchange Commission after the regulator told the company it should have registered the token as a security, according to an internal email from Paxos’ chief executive officer. “We are engaged in constructive discussions with the SEC, and we look … Read more
New York’s chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token, Paxos said in a statement on Monday. The Binance USD (BUSD) stablecoin, one of the world’s biggest, is issued and redeemed by New York-based Paxos Trust Company, both of which are regulated … Read more
PayPal Holdings Inc. is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner in the project faces a probe by the New York State Department of Financial Services. PayPal had hoped to debut the stablecoin, which will be backed one for one by the US dollar, in the coming … Read more