Wells Notice – Page 2

Coinbase CEO on its Wells Notice: SEC is like soccer referees in a game of pickleball

Brian Armstrong made the interesting analogy when asked to explain the firm’s recent “Wells Notice” in “NFL terms.”

SEC Informs Crypto Exchange Coinbase of Potential Securities Law Violations

The U.S. Securities and Exchange Commission (SEC) has sent Coinbase a “Wells notice” about potential violations of securities law. The Nasdaq-listed cryptocurrency exchange noted that, unlike what SEC Chairman Gary Gensler said, the securities regulator “will not let crypto companies ‘come in and register.’” Coinbase CEO Brian Armstrong explained: “A Wells notice typically precedes an […]

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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 […]

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Circle squashes rumors of planned SEC enforcement action

Rumors swirled on Twitter that the stablecoin issuer received a litigation notice from the U.S. securities regulator but a Circle executive rebuffed the claim.

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BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert

Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been redeemed, bringing the number of BUSD in circulation to 15.87 billion. Stablecoin BUSD Sees Increased Redemption Activity During Regulatory Scrutiny The stablecoin BUSD […]

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Paxos ‘categorically disagrees’ with the SEC that BUSD is a security

Paxos said it will engage with the US securities regulator on the matter and is prepared to “vigorously litigate if necessary.”

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Paxos Receives Wells Notice from SEC, NYDFS Orders Issuer to Stop Minting BUSD

According to a report published on Feb. 12, 2023, the New York-based financial institution and technology company, Paxos, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) regarding alleged violations of investor protection laws. Paxos revealed the following day that it would no longer mint BUSD and it was ending its […]

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Coinbase Abandons Plan to Launch Lend Program After SEC Threatens Lawsuit

The Nasdaq-listed cryptocurrency exchange Coinbase has dropped its plan to launch a lending program after the U.S. Securities and Exchange Commission (SEC) threatened to sue the company. Coinbase Will Not Launch Lending Program Coinbase announced Friday that it has decided not to launch the Lend program. The exchange wrote: Our goal is to create great […]

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KIK Closes Messenger and Lays off Staff to Continue SEC Lawsuit Fight

Kik app with over 2 million users to close unexpectedly in order to fund ongoing lawsuit for illegal ICO run in 2017

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