The U.S. securities regulator issued a letter to the crypto firm alleging that the Binance-linked stablecoin is an unregistered security and saying Paxos may face enforcement action, The Wall Street Journal reported, citing people familiar with the matter. (The Wall Street Journal)
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The U.S. securities regulator issued a letter to the crypto firm alleging that the Binance-linked stablecoin is an unregistered security and saying Paxos may face enforcement action, The Wall Street Journal reported, citing people familiar with the matter. (The Wall Street Journal)
Talking point: Enforcement against crypto is escalating in the U.S. Last week, San Francisco-based crypto exchange Kraken agreed to end its staking program, which the SEC called a securities offering, and pay US$30 million in penalties. Stablecoin issuer Circle reportedly complained to the New York State Department of Financial Services last year, alleging Binance mismanaged its reserves for its tokens, Bloomberg reported Monday, citing a source. The New York regulator directed Paxos to end its relationship with Binance that day. Changpeng Zhao, the Chinese-Canadian CEO of Binance, tweeted that “it will have profound impacts on how the crypto industry will develop (or not develop)” if courts determine BUSD is a security.
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