Tag: Binance

Paxos reportedly ordered to stop issuing Binance USD

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The New York Department of Financial Services (NYDFS) has reportedly ordered blockchain company Paxos Trust to stop the issuance of dollar-pegged Binance USD (BUSD) stablecoin.  The New York regulator’s actions come shortly after the United States Securities and Exchange Commission (SEC) issued a wells notice to Paxos — a letter the regulator uses to tell companies of planned enforcement action. The notice alleged that Binance USD is an unregistered security. The NYDFS has reportedly asked Paxos to stop creating more of its BUSD token. Paxos will continue to manage redemptions of the…

SEC to Sue Crypto Trust Co. Paxos Over Binance Stablecoin: WSJ

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Paxos to face SEC lawsuit over Binance USD — Report

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The United States Securities and Exchange Commission (SEC) has reportedly told stablecoin issuer Paxos Trust Co. that it’s planning to sue the firm for violations of investor protection laws relating to Binance USD (BUSD).  According to a Feb. 12 report in The Wall Street Journal citing people familiar with the matter, the SEC issued a Wells Notice to Paxos — a letter the regulator uses to tell companies of planned enforcement action. The notice alleges that Binance USD is an unregistered security, according to the people. According to Investopedia, after…

Canadian University Dubai backtracks on accepting crypto via Binance Pay

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Not even 24 hours after the Canadian University Dubai (CUD) announced its partnership with Binance Pay to accept course fees in cryptocurrencies, a technical roadblock watered down the excitement behind the short-lived initiative. CUD, a private university in Dubai, was seemingly interested in allowing students — both domestic and international — to pay their tuition and course fees in cryptocurrencies. This initiative would have allowed students from varied backgrounds easy access to the Canadian curriculum in Dubai. Dear CUD Community, For technical reasons, CUD will not be accepting cryptocurrency as…

Kraken’s staking down, FTX post-bankruptcy hell, Binance news…

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Top Stories This Week Kraken reaches $30M settlement with SEC over staking as IRS seeks user information Kraken has agreed to stop offering staking services or programs to United States clients after reaching an agreement with the U.S. Securities and Exchange Commission (SEC). Along with ceasing operations, the crypto exchange will pay $30 million in disgorgement, prejudgment interest and civil penalties. The SEC claims that Kraken failed to register the program as a securities offering. The move has sparked controversy within the SEC. Commissioner Hester Peirce has publicly rebuked her…

Crypto Exchange Binance Adds Shiba Inu (SHIB) and Three Other Altcoins As Verifiable Digital Assets

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The world’s largest crypto exchange platform by volume is adding Shiba Inu (SHIB) and three other altcoins to its list of verifiable crypto assets. In a new company blog post, Binance says its introducing zero-knowledge (zk) SNARKS, a verification method that keeps information secure, to its proof-of-reserves identification system. Binance also says it’s adding four altcoins, including SHIB, Polkadot (DOT) and Ethereum (ETH) challenger Solana (SOL), as well as fan token-focused crypto project Chiliz (CHZ). “Continuing the efforts in providing transparency on user funds, Binance is excited to introduce zk-SNARKs,…

Binance upgrades Proof of Reserves verification to include zk-SNARKs

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On Feb 10, Cryptocurrency exchange Binance announced a major upgrade to its Proof of Reserves Verification system to include zk-SNARKs — a cutting-edge technology that Binance says will allow it to verify its reserves in a more secure and transparent manner. 3. Product and Service. Plus transparency. The #Binance Proof of Reserve system has now integrated with zk-SNARK, a zero-knowledge verification method. It will also be made open source. We hope this would help the entire industry benefit. https://t.co/ijVVeF8iFT — CZ Binance (@cz_binance) February 10, 2023 After the FTX incident in…

Binance Recruits Brussels Lobbyist as EU Develops Crypto Rules

The Policy Comms Director would be “responsible for shaping a communications narrative and creating impactful campaigns around corporate, regulatory and political developments impacting the company across the EU,” said a job ad posted on the Binance website, which also cites blogs and social media that would be designed to reach policymakers. Source

Binance USD Suspension and Custodia Rejection Raise Concerns Over Future of Crypto Banking

Without Custodia in this mix of bank-related crypto news, I’m not sure this piece of the news cycle would have anything worth paying close attention to for long. A lot of crypto is predicated on trading, gambling and “number-go-up technology” butting up against nebulous financial securities laws – so skittishness around Binance, Signature and Juno doesn’t raise eyebrows on its own. Source