Crypto firm Paxos to face SEC charges, ordered to stop minting Binance stablecoin
Publishing timestamp: 2023-02-13 16:47:51
Summary
New York state regulators have ordered Paxos to stop minting new Binance USD tokens. The SEC has issued a Wells notice to Paxos in connection with its BUSD product, which is a cryptocurrency backed by US Treasurys and Treasury Reverse Repurchase Agreements. This is the latest in a series of regulatory efforts to rein in the crypto industry. Paxos has disagreed with the SEC's assessment that BUSD is a security. Binance has not yet responded to requests for comment.
Sentiment: MIXED
Tickers: BNB.CM=, COIN, BUSD.CM=,
Keywords: cryptocurrency exchanges, new york, breaking news: technology, fintech, cryptocurrency, binance/usd coin metrics, binance usd/usd, technology, coinbase global inc, investment strategy, business news,