Paxos

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Paxos, a New York-based stablecoin issuer, without recommending enforcement action. What Happened: Jorge Tenreiro, acting chief of the SEC’s crypto assets and cyber unit, informed Paxos of the decision,...

Stablecoins issuer Paxos has been granted regulatory clearance to broaden its offerings onto the Solana (CRYPTO: SOL) blockchain. Plans to initiate this expansion are set for Jan. 17, 2024. Paxos "is the most regulated stablecoin issuer in the world," according to Walter Hessert, the...

A new survey reveals that 99% of U.S. financial services companies put similar, or more focus, on crypto or blockchain projects in 2023 compared to prior years. What Happened: Paxos surveyed 400 U.S.-based executives from companies with at least $50 billion in assets under management or $50 billion...

After Singapore, Paxos received approvals to issue stablecoins in the Abu Dhabi Global Market (ADGM). What Happened: The regulated blockchain and tokenization infrastructure platform was granted in-principle approvals (IPAs) by the Financial Services Regulatory Authority (FSRA) in the ADGM. It has...

Paxos, a crypto brokerage firm, has received preliminary authorization from Singaporean regulators to offer digital payment token services. What Happened: Following this in-principle approval from the Monetary Authority of Singapore under the Payments Services Act (PSA), Paxos has established a new...

Within six weeks of launching its stablecoin PYUSD, PayPal Holdings Inc (NASDAQ: PYPL) managed to not only be compatible with numerous blockchain platforms but also been able to secure a spot in the New York Department of Financial Services (NYDFS) greenlist. What Happened? PayPal...

Crypto infrastructure provider Paxos has taken responsibility for a Bitcoin (CRYPTO: BTC) transaction that incurred an exorbitant fee of $510,000.  What Happened: The company admitted to overpaying the BTC network fee on September 10, 2023, due to a bug affecting a single transfer.  "...

In a significant move to bolster the adoption of digital tokens for transactions, PayPal Holdings Inc. (NASDAQ:PYPL) announced Monday the launch of a new U.S. dollar-denominated stablecoin. Named PayPal USD (PYUSD), this digital currency is the brainchild of the San Jose-based financial giant...

What comes as a sigh of relief for many customers using crypto assets in the United States, PayPal (NASDAQ: PYPL) is set to roll out a key new feature for its 60 million Venmo customers that will allow users to transfer cryptocurrencies between its platform and other crypto wallets. This comes...

With the collapse of both the Silvergate Exchange Network (NYSE: SI) and FTX (CRYPTO: FTT), stablecoins are expected to become even more ubiquitous as traders deposit their dollars with stablecoin issuers and transfer them to exchanges. SEN was widely used by exchanges, market makers, and investors...

A research report by Bernstein suggested the recent regulatory action taken against the Binance USD (CRYPTO: BUSD) stablecoin and its issuer Paxos is specific to BUSD and cannot be applied to other stablecoins like USD Coin (CRYPTO: USDC). What Happened: Some in the industry were concerned...

Curve (CRYPTO: CRV) soared 12% in the last 24 hours, following news that the Securities and Exchange Commission plans to sue Paxos Trust Co. for issuing Binance USD (CRYPTO: BUSD). What Happened: At the time of writing, Curve was trading at $1.04.  The rally in CRV’s price can be...

Stablecoin issuer Circle Internet Financial Ltd. (CRYPTO: USDC) complained to the New York State Department of Financial Services (NYDFS) last year about its rival, Binance, and its mismanagement of reserves for its own tokens (CRYPTO: BUSD), according to a Bloomberg report. What Happened: In the...

Galaxy Bahamas, a subsidiary of Galaxy Digital, Mike Novogratz's crypto investment firm, has recently received regulatory approval to operate in the Bahamas. The Securities Commission of The Bahamas has authorized the company to operate as a digital asset business under the country's...

Building on his efforts to improve the regulatory environment for cryptocurrencies, as well as for his defense of his company's staking services, Coinbase Global Inc (NASDAQ: COIN) CEO Brian Armstrong said on Monday he was visiting Washington, D.C., advocating for...