Day: February 13, 2023

DBS Bank to offer cryptocurrency trading in Hong Kong

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Singapore state-owned megabank DBS Group is planning to expand its cryptocurrency services to Hong Kong as the Chinese territory pushes to become a digital asset hub. DBS Bank plans to apply for a license to allow it to offer crypto trading services to Hong Kong customers, Bloomberg reported on Feb. 13. “We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers,” DBS Bank Hong Kong CEO Sebastian Paredes said. Paredes noted that DBS welcomes new crypto-related…

France to Tighten Crypto Registration Rules Next January

Faustine Fleuret, president of crypto lobby group ADAN, told CoinDesk the enhanced registration procedure was a “much more pragmatic approach” than the Senate’s. But, she warned, a new requirement to have resilient and secure IT systems could prove difficult for small companies to meet and for regulators to police. Source

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

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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 relationship with the Binance-branded stablecoin in Feb. 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…

Paxos to stop minting BUSD stablecoins for Binance

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Blockchain infrastructure platform Paxos will halt issuance of new BUSD (BUSD) stablecoins amid the ongoing probe by the New York regulators. Paxos officially announced on Feb. 13 that the firm will end its relationship with Binance for the branded USD-pegged stablecoin BUSD. Starting from Feb. 21, Paxos will stop minting new BUSD tokens, in accordance with directions and coordination with the New York Department of Financial Services (NYDFS). Paxos emphasized that all existing BUSD tokens will remain fully-backed and redeemable through Paxos Trust Company through “at least February 2024.” Customers…

Binance to support BUSD while exploring non-USD stablecoins, CZ says

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Cryptocurrency exchange Binance plans to continue supporting its Binance USD (BUSD) stablecoin despite its issuer Paxos facing a stop order from American regulators. As reported by Cointelegraph, the New York Department of Financial Services (NYDFS) has ordered blockchain firm Paxos to cease issuing dollar-pegged stablecoin BUSD. Paxos has also received a wells notice from the United States Securities and Exchange Commission (SEC) alleging that BUSD is an unregistered security. Binance CEO Changpeng ‘CZ’ Zhao has moved to assure users that funds are safe despite the intended enforcement action. A Twitter…