• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home Crypto Exchanges

SEC to Sue Crypto Trust Co. Paxos For Listing Binance Stablecoin

Hania by Hania
February 13, 2023
in Crypto Exchanges
Reading Time: 4 mins read
A A
0
SEC to Sue Crypto Trust Co. Paxos For Listing Binance Stablecoin
Tweet

In Brief:

  • Related articles
  • Crypto.com Is One Step Closer To Obtaining An Operating License In Dubai 
  • UK Binance Halts GBP Deposits And Withdrawals

Paxos is also likely to be investigated by the New York Department of Financial Services as part of the probe.

According to the Wall Street Journal on Sunday, the U.S. Securities and Exchange Commission (SEC) plans to file a lawsuit against Paxos. This company created the Binance USD (BUSD) and Pax Dollar (USDP) tokens, over the latter stablecoin.

Related articles

Crypto.com Will Be Laying Off 20% Of Its Workforce In 2023

Crypto.com Is One Step Closer To Obtaining An Operating License In Dubai 

March 20, 2023
UK Binance Halts GBP Deposits And Withdrawals

UK Binance Halts GBP Deposits And Withdrawals

March 15, 2023

According to an SEC representative, the agency won’t comment on whether or not there might be an inquiry.

SEC to Sue Crypto Trust Co. Paxos for listing Binance Stablecoin

BUSD has been accused by the SEC of being unregistered security, according to the report. Paxos is under investigation by the New York Department of Financial Services, but it is unclear what the scope of the investigation is. This news comes days after the reports that Paxos is under investigation

According to the report, the SEC argues that BUSD is an unregistered security. The information was released a few days after the news revealed that Paxos was being looked into by the New York Department of Financial Services, however, it is not known how extensive that inquiry is.

BUSD is a stablecoin with the Binance name issued by Paxos. This New York-licensed trust company also holds a provisional charter from the federal bank regulator, the Office of the Comptroller of the Currency.

Paxos spokespersons did not immediately respond to requests for comment.

SEC to Sue Crypto Trust Co. Paxos for listing Binance Stablecoin

The news on Sunday comes just after the SEC and cryptocurrency exchange Kraken reached a settlement over allegations that the latter’s staking services constituted an issuance of unregistered securities. 

According to the terms of the deal, Kraken did not accept or reject the allegations, but it did end all of its U.S. staking initiatives.

Last month, Binance admitted that it had not always kept enough funds in reserve to support Binance-Peg BUSD (PBUSD), a wrapped form of BUSD that is available on non-Ethereum networks and is backed by BUSD.

Binance stated that “on occasion in the past, there was a time mismatch in supporting Binance-Peg BUSD with BUSD” in response to Bloomberg’s claim that there were issues with how PBUSD’s backing was displayed.

In a blog post, the cryptocurrency exchange stated that, despite problems with “the publicly available data,” user redemptions were unaffected.

Tags: BUSDPax DollarSECstablecoins
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Crypto.com Will Be Laying Off 20% Of Its Workforce In 2023
Crypto Exchanges

Crypto.com Is One Step Closer To Obtaining An Operating License In Dubai 

March 20, 2023
UK Binance Halts GBP Deposits And Withdrawals
Crypto Exchanges

UK Binance Halts GBP Deposits And Withdrawals

March 15, 2023
Coinbase Wallets Will No Longer Support XRP, BCH, XLM And ETC
Crypto Exchanges

Coinbase Discontinued Accepting Trading For BUSD

March 14, 2023
OkCoin Exchange USD Deposits Suspended
Crypto Exchanges

OkCoin Exchange USD Deposits Suspended

March 13, 2023
Coinbase Wallets Will No Longer Support XRP, BCH, XLM And ETC
Crypto Exchanges

One River Digital Asset Management Is Purchased By Coinbase For An Undisclosed Amount

March 6, 2023
CoinEx Crypto Exchange Is Being Sued By The State Of New York For Failing To Register
Crypto Exchanges

CoinEx Crypto Exchange Is Being Sued By The State Of New York For Failing To Register

February 23, 2023
Huobi Set to Launch Hong Kong Licensed Local Exchange, Expanding Global Footprint
Crypto Exchanges

Huobi Set to Launch Hong Kong Licensed Local Exchange, Expanding Global Footprint

February 21, 2023
FTX Japan Crypto Exchange Will Start Accepting Withdrawals From Feb.21
Crypto Exchanges

FTX Japan Crypto Exchange Will Start Accepting Withdrawals From Feb.21

February 20, 2023
Coinbase Wallets Will No Longer Support XRP, BCH, XLM And ETC
Crypto Exchanges

Will Coinbase Profits Drop With Regulatory Challenges And Crypto Staking?

February 20, 2023
Load More
  • Trending
  • Comments
  • Latest
OKX: An all-in-one trading platform that supports cryptos, derivatives, staking, and lending

OKX: An All-in-one Trading Platform That Supports Cryptos, Derivatives, Staking, And Lending

December 27, 2022
Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

Scam Alert: This Email Can Drain Your Crypto and NFT Wallet

January 21, 2023
Crypto Airdrops: Are They Really Safe? "The Ultimate Guide"

 A Step-By-Step Guide To Understand Arbitrum’s (ARB) Token Airdrop

March 17, 2023
HappyMiner

Earn Passive Income Cloud Mining With HappyMiner

March 19, 2023
Bitcoin ATM Rise Or Fall: In Less Than 60 Days, More Than 400 Machines Went Offline

Bitcoin ATM: How to use them?

1
All You Need To Know about Defi (Decentralized Finance)

All You Need To Know About DeFi (Decentralized Finance)

1
Robinhood enables the Web3 Wallet beta accessible to 10,000 users

Robinhood enables the Web3 Wallet beta accessible to 10,000 users

1
Mastercard Introduces a New Tool to Prevent Crypto Fraud

Mastercard Introduces a New Tool to Prevent Crypto Fraud

1
Crypto.com Will Be Laying Off 20% Of Its Workforce In 2023

Crypto.com Is One Step Closer To Obtaining An Operating License In Dubai 

March 20, 2023
Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

March 20, 2023
Bitcoin ATMs Manufacturer Has Shut Down Its Cloud Service Following The Hacking Of Its Users 

Bitcoin ATMs Manufacturer Has Shut Down Its Cloud Service Following The Hacking Of Its Users 

March 20, 2023
Bitcoin’s Best January In 10 Years, With A 39.6% Gain For The Month

Bitcoin Hits $28k As Unpredictability Surrounds Banks

March 20, 2023
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In