The recent action from Binance comes in the wake of NYDFS ordering BUSD issuer Paxos to stop minting new BUSD.
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Category: Paxos
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Coinbase cutting ties with Silvergate forces crypto hedge fund to find a new bank
A total of five crypto companies end their partnership with Silvergate bank on March 2 after a series of lawsuits and investigations against the fintech bank.
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MicroStrategy, Tether adds to firms distancing from Silvergate as stock dives 57%
MicroStrategy confirmed that none of its 130,000 BTC is custodied by Silvergate. However, the firm does have a loan to pay off to the bank by Q1 2025.
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Circle, Paxos, Bitstamp and Galaxy join Coinbase in scaling back partnerships with Silvergate Bank
Silvergate is reportedly facing an investigation from the United States Department of Justice over its alleged role in the FTX collapse, involving Sam Bankman-Fried’s account.
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Coinbase to Suspend Trading of BUSD Amid Regulatory Crackdown
Cryptocurrency exchange Coinbase announced it will suspend trading and delist the Paxos-managed stablecoin asset BUSD. The decision follows Paxos’ revelation that the New York State Department of Financial Services directed the firm to stop issuing the U.S. dollar-pegged token BUSD. Coinbase to Suspend BUSD Stablecoin on March 13 On Feb. 27, 2023, Coinbase announced that […]Powered by WPeMatico
BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decrease in Dominance
After Paxos announced that it would no longer mint the stablecoin BUSD, 4.98 billion BUSD stablecoins have been removed from circulation to date. The Paxos-managed stablecoin has also fallen out of the top ten crypto assets by market capitalization, slipping below dogecoin’s valuation with a market cap of around $11.12 billion, compared to the meme […]Powered by WPeMatico
TUSD Leverages Chainlink Proof of Reserve for Real-Time Verification of Stablecoin Minting
On Wednesday, the stablecoin project Trueusd announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for the minting of trueusd tokens. The trueusd crypto asset has a circulating supply of over 968 million tokens and is the sixth-largest stablecoin by market capitalization. Archblock Uses Chainlink to Verify Reserves Before […]Powered by WPeMatico
Binance Increases USDC Holdings as BUSD’s Market Cap Slides Lower
Eight days ago, Paxos announced that the company would no longer mint the stablecoin BUSD. Since then, the coin’s market capitalization has been sliding lower as redemptions have become more prominent. Meanwhile, a data researcher from Nansen has discovered that Binance, the largest cryptocurrency exchange by trade volume, has increased its usd coin holdings by […]Powered by WPeMatico
Paxos is engaged in ‘constructive discussions’ with SEC: Report
The stablecoin issuer is currently facing a lawsuit from the SEC in which the financial regulator claimed BUSD was an unregistered security.
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The fate of dollar-pegged stablecoins in question: Law Decoded, Feb. 13–20
The United States Securities and Exchange Commission (SEC) ordered Paxos Trust to stop issuing Binance USD. That could affect the whole stablecoins ecosystem.
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