( 09-08) Binance Futures Will Update the Leverage, Margin Tiers and Capped Funding Rate Multiplier of USD-M UNFIUSDT and TRBUSDT Perpetual Contracts. Based on the Notice, SEC alleges that Paxos violated investor protection laws with Binance USD (BUSD) token as it is not registered as a security. The SEC charges and the subsequent XRP removals from exchanges have caused severe harm to the token. Binance Adds BAND, FLM, STMX on Cross Margin & New ADX, PROM, PROS Isolated Margin Pairs. The US Securities and Exchange Commission (SEC) has reportedly issued a Wells Notice to Paxos. We will provide additional updates, if any. Binance.US makes it easy to buy, sell, & convert over 135 cryptocurrencies. Trading will move into limit only starting Decemat 2:30 PM PST, and will be fully suspended on Tuesday, Januat 10 a.m. Trade and convert Ripple (XRP) to USDT with advanced trading charts and tools. However, NYDFS is not the only regulator interested in Paxos' BUSD. In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Market highlights including top gainer, highest volume. The news about the New York financial regulator launching an investigation into Paxos broke on February 10th. View crypto prices and charts, including Bitcoin, Ethereum, XRP, and more. The company emphasized that “new and existing Paxos customers” will be able to redeem their BUSD funds in US dollars or convert them to Pax Dollar (USDP).Īt the end of its press release, the stablecoin issuer stressed that the move did not affect the company negatively and it will continue to serve its new and existing customers as usual. BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024. That was true at our founding and remains true today. ( 09-08) Binance Adds BAND, FLM, STMX on Cross Margin & New ADX, PROM, PROS Isolated Margin Pairs. Easily execute large trades with minimum slippage. Binance Upgrades Options Market Maker Program () ( 09-08) Binance NFT: Important Updates on The Sandbox NFT Staking Program and Polygon Network Support. Paxos revealed that it will stop issuing new BUSD tokens on February 21st.ĭespite the cease, Paxos highlighted that it will “continue to manage BUSD dollar reserves” and BUSD tokens will be backed 1:1, “fully segregated and held in bankruptcy remote accounts.” In the announcement, Paxos noted: Paxos has always prioritized the safety of its customers' assets. Trade smarter with our various automated strategies - easy, fast and reliable. The company admitted that the move comes while working “in close coordination” with the New York Department of Financial Services. In the press release, Paxos revealed that it will end its partnership with Binance and stop issuing crypto exchange branded stablecoin, BUSD. However, shortly after the Wall Street Journal covered the news, the stablecoin issuer Paxos shared a press release commenting on the matter.
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