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The report was released on February 12, 2023, the financial institution and the New York City tech firm, paxos, received a well advisory from the U.S. Securities and Exchange Commission (sec) regarding alleged breaches of investor protection legislation. Paxos revealed the next day that he would no longer be minty bus and he was terminating his relationship with the brand BINANCE stablecoin in February. 2024.
Report Claims SEC Plans to Sue Paxos for Alleged Investor Protection Violations, Firm Directed to Stop Minting BUSD
Sources cited by the Wall Street Journal (WSJ) say the U.S. Securities and Exchange Commission (SEC) plans to sue Paxos for violating investor protection laws. People who know the file say that police officers have been given a well notice, a letter from a securities regulator about a possible prosecution. The record alleges that the stablecoin usd binance, which emits and manages paxos, is an unrecorded value.
Three journalists wsj released the report and contacted both paxos and binance for feedback. Binance informed the wsj that the stablecoin mark is licensed by the great purse.
Paxos issues and manages the immobilized asset. 9.
Paxos was founded in 2012 and was originally named Itbit. 9.paxos was established in 2012 and was initially referred to as itbit.
Paxos issues and manages the immobilized asset. The company is managing two stablecoins: pax dollar (usdp) and binance usd (busd), and pax or (paxg).
Usdp has a market cap of about $898.16 million, while Busd's market value is estimated at about $16.1 billion. Paxg has an approximate market capitalization of $492MM. In the last 12 months, the supply of paxg fell by about 3.1%, while the usdp fell by 15.71%.
PAXG has about $492 million in market capitalization.
Over the past 12 months, PAXG's supply declined by about 3.1%, while the USDP fell by 15.71%. Mid-2022, the supply of buses increased. 5 billion buses were purchased within 24 days.
Following the report in the WSJ on Sunday, the publication further reported that the New York Department of Financial Services (NYDFS) has ordered the company to stop issuing BUSD. Paxos confirmed in a press release that it will stop minting the stablecoin and end its relationship with it by 2024. Further to the report in wsj on Sunday, the publication added that the Financial Services Department of New York (nydfs) ordered the company to stop issuing buses. To date, the principal securities regulator in the country has taken no enforcement action with respect to issuers of guaranteed securities.
After the report in Sunday's WSJ, the release also reported that the New York Department of Financial Services (NYDFS) has ordered the company to cease issuing BUSD. The company stated that it had received direction from the New York regulator and was working in close collaboration with the authorities.
