{"id":519462,"date":"2023-02-13T11:32:51","date_gmt":"2023-02-13T11:32:51","guid":{"rendered":"https:\/\/ktsl888.com\/?p=519462"},"modified":"2024-06-11T10:41:10","modified_gmt":"2024-06-11T10:41:10","slug":"breaking-new-york-regulator-orders-paxos-to-stop-issuing-binances-busd","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/breaking-new-york-regulator-orders-paxos-to-stop-issuing-binances-busd\/","title":{"rendered":"Breaking: New York Regulator Orders Paxos To Stop Issuing Binance\u2019s BUSD"},"content":{"rendered":"

Binance\u2019s BUSD which is issued by Paxos continues to be one of the largest stablecoins in the crypto market. However, it looks like the stablecoin has now made it onto regulators\u2019 radar as New York regulators have ordered Paxos to stop issuing new tokens.<\/p>\n

No More BUSD Tokens From Paxos, Say NY Regulators<\/h2>\n

On Monday, the Wall Street Journal reported<\/a> that New York regulators had asked Paxos to stop issuing the Binance BUSD stablecoin. These moves come ahead of the expected enforcement action that is supposed to be brought again crypto companies such as Paxos as more regulation swims into view.<\/p>\n

Related Reading: KuCoin Stakes 47.9 Billion LUNC Tokens, Good News For Holders?<\/a><\/div>\n

This fact that a Wells Notice was issued to the company is particularly important because more often than not when regulators issue such a notice, legal action is expected to follow. As of this time, Paxos will stop issuing BUSD which the SEC says could qualify as an unregistered security.\u00a0<\/span><\/p>\n

After receiving the Wells Notice, the company now has 30 days to respond to it before further action is brought against them. But what\u2019s more alarming for investors in the space is that Fox reporter Eleanor Terrett says<\/a> more Wells Notices will reportedly be handed out in the next few weeks in an effort to take on the crypto industry.<\/p>\n

Crypto Market Takes A Hit<\/h2>\n

Hours after news broke of the Wells Notice being served to Paxos, the crypto market is already seeing some downside. Bitcoin and Ethereum, the two largest cryptocurrencies by market cap are already trading in the red.<\/p>\n

Related Reading: SEC Goes After Ethereum Staking, But What Happens To All The Staked ETH?<\/a><\/div>\n

BUSD is also seeing a decline after dropping below its dollar peg following the news. The stablecoin which is the third largest in the space with a market cap of $16.1 billion fell to $0.991 briefly before recovering to be trading at $0.999 at the time of this writing.<\/p>\n

The stablecoin is still trading 0.08% below its Sunday price but the news does seem to have affected other stablecoins in the market. USDT, the largest stablecoin issued by Tether, is still maintaining its 1:1 peg with the U.S. dollar, while USDC, the second-largest stablecoin issued by Circle, is slightly down 0.01% and is sitting at $0.9999.<\/p>\n

\"Binance's<\/p>\n

BUSD falls below peg following Paxos news | Source: BUSD\/USD on TradingView.com<\/a><\/pre>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Binance, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Binance\u2019s BUSD which is issued by Paxos continues to be one of the largest stablecoins in the crypto market. However, it looks like the stablecoin has now made it onto regulators\u2019 radar as New York regulators have ordered Paxos to stop issuing new tokens. No More BUSD Tokens From Paxos, Say NY Regulators On Monday, the Wall Street Journal reported that New York regulators had asked Paxos to stop issuing the Binance BUSD stablecoin. These moves come ahead of the expected enforcement action that is supposed to be brought again crypto companies such as Paxos as more regulation swims into view. Related Reading: KuCoin Stakes 47.9 Billion LUNC Tokens, Good News For Holders? This fact that a Wells Notice was issued to the company is particularly important because more often than not when regulators issue such a notice, legal action is expected to follow. As of this time, Paxos will stop issuing BUSD which the SEC says could qualify as an unregistered security.\u00a0 After receiving the Wells Notice, the company now has 30 days to respond to it before further action is brought against them. But what\u2019s more alarming for investors in the space is that Fox reporter Eleanor Terrett says more Wells Notices will reportedly be handed out in the next few weeks in an effort to take on the crypto industry. Crypto Market Takes A Hit Hours after news broke of the Wells Notice being served to Paxos, the crypto market is already seeing some downside. Bitcoin and Ethereum, the two largest cryptocurrencies by market cap are already trading in the red. Related Reading: SEC Goes After Ethereum Staking, But What Happens To All The Staked ETH? BUSD is also seeing a decline after dropping below its dollar peg following the news. The stablecoin which is the third largest in the space with a market cap of $16.1 billion fell to $0.991 briefly before recovering to be trading at $0.999 at the time of this writing. The stablecoin is still trading 0.08% below its Sunday price but the news does seem to have affected other stablecoins in the market. USDT, the largest stablecoin issued by Tether, is still maintaining its 1:1 peg with the U.S. dollar, while USDC, the second-largest stablecoin issued by Circle, is slightly down 0.01% and is sitting at $0.9999. BUSD falls below peg following Paxos news | Source: BUSD\/USD on TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Binance, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":519468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,84032,14737,3799,15241],"class_list":["post-519462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-busd","tag-paxos","tag-sec","tag-stablecoins"],"acf":[],"yoast_head":"\nBreaking: New York Regulator Orders Paxos To Stop Issuing Binance\u2019s BUSD<\/title>\n<meta name=\"description\" content=\"Binance\u2019s BUSD which is issued by Paxos continues to be one of the largest stablecoins in the crypto market. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Breaking: New York Regulator Orders Paxos To Stop Issuing Binance\u2019s BUSD","url":"http:\/\/ktsl888.com\/news\/breaking-new-york-regulator-orders-paxos-to-stop-issuing-binances-busd\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/breaking-new-york-regulator-orders-paxos-to-stop-issuing-binances-busd\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Binance-Paxos-BUSD.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Binance-Paxos-BUSD.png?fit=1600%2C900"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","busd","paxos","sec","stablecoins"],"dateCreated":"2023-02-13T11:32:51Z","datePublished":"2023-02-13T11:32:51Z","dateModified":"2024-06-11T10:41:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Breaking: New York Regulator Orders Paxos To Stop Issuing Binance\\u2019s BUSD\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/breaking-new-york-regulator-orders-paxos-to-stop-issuing-binances-busd\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/breaking-new-york-regulator-orders-paxos-to-stop-issuing-binances-busd\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Binance-Paxos-BUSD.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Binance-Paxos-BUSD.png?fit=1600%2C900\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"busd\",\"paxos\",\"sec\",\"stablecoins\"],\"dateCreated\":\"2023-02-13T11:32:51Z\",\"datePublished\":\"2023-02-13T11:32:51Z\",\"dateModified\":\"2024-06-11T10:41:10Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Binance-Paxos-BUSD.png?fit=1600%2C900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/519462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=519462"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/519462\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/519468"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=519462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=519462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=519462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}