Change (16:10 UTC, February 13, 2023):Changed the Paxos to stop issuing Binance dollars under the direction of the New York Financial Services Center (New York Department Of Financial Services) rather than the Foreign Securities and Exchange Commission (Securities And Exchange Commission).
Sablecoin publisher Paxos will terminate a new Binance offering under the direction of the New York Financial Services Center (NYDFS). (BU.S.) Tokens, this news will be announced after the Foreign Securities and Exchange Commission (SEC) reports that laws and regulations are likely to be adopted.
It was reported on Sunday that SEC was preparing to sue Parksos for selling dollars as unregistered securities. Not long ago, WJB reported that Paxos was conducting an NYDFS investigation and analysis.
BUSD is a stable of Binance brand issued and managed by Paxos. After news of SEC's adoption of laws and regulations came out, Binance issued a statement to check new projects in uncertain markets where regulatory variability could harm its customers.
NYDFS indicated that it had instructed Paxos to stop manufacturing US dollars because of several difficult problems related to Paxos's regulation of its association with Binance. Paxos indicated that it would end its relationship with Binance in exchange for Binance dollars.
"the department has closely monitored Paxos to verify whether the company can methodically promote redemptions in accordance with the enhanced risk compliance management agreement," NYDFS said in a statement.
Paxos said in a statement on Monday: "all US dollar tokens issued by Paxos Trust have long been applied to the reserve priced in US dollars at 1:1, which will be completely protected and deposited in the closed remote control account."
About US $52 million was remitted to the trading center within 24 hours after the news broke on Sunday, indicating customers' desire to convert it into circulating currency or other stable currency, according to CryptoQuant.
In the past 24 hours, BNB Chain's native OTP has fallen by more than 7%, while BU.S. We saw a lot of net inflows of funds into the password trading center.
Upgrade (11:40 UTC on February 13th):Plus statements from NYDFS and other environments.
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