News
The stablecoin issuer received an SEC Wells notice in February 2023 warning of a potential lawsuit over Binance USD as an unregistered security.
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Binance USD (BUSD) Crypto News Today
Binance USD (BUSD) is a stablecoin pegged to the U.S. dollar released by Paxos in partnership with Binance. In February 2023, the U.S. SEC suggested BUSD was an unregistered security in a Wells notice issued to Paxos.
The New York Department of Financial Services also ordered Paxos to halt the issuance of BUSD. Binance ended support for BUSD starting on Dec. 15, 2023, following Paxos halting the minting of new coins.
Stay up-to-date on all the latest BUSD news with Cointelegraph.
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In a major win for the crypto industry, a federal court ruled that cryptocurrency tokens themselves are not securities.
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Judge Amy Berman Jackson, however, dismissed the SEC’s claim that BNB is traded illegally on secondary markets, citing the Ripple decision.
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Galaxy Digital CEO Mike Novogratz believes Binance has satisfied regulators and users after its $4.3 billion settlement with United States authorities.
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The SEC derided Binance’s request to have the regulator’s suit thrown out, claiming the crypto exchange hasn’t correctly applied the law.
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Circle noted that assets pegged to the U.S. dollar are not securities, partly because users are not expecting any profit from acquiring them.
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The Securities and Exchange Commission said in a court filing that Binance.US has produced only 220 documents during the discovery process, many of which were “unintelligible screenshots and documents without dates or signatures.”
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Paxos has earlier said it would halt support of Binance’s stablecoin by February; now the exchange has said it will also stop support by that time.
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After having its banking ties slashed, crypto exchange Binance.US has revived its United States dollar on-ramp through a new partnership with MoonPay.
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Binance has been experimenting with relatively lesser-known stablecoins after a pause on BUSD.
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After 16 consecutive months of decline, the stablecoin market dominance has fallen to 10.3% of the total crypto market capitalization.
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After a dip of over $1 billion in the past 30 days, BUSD now sits fourth in market capitalization among stablecoins.
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BNB is clinging on to its short-term bullish bias amid the Binance-SEC fiasco, but a 30% price decline is still on the cards.
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The SEC lawsuit comes just months after the CFTC lawsuit against Binance, mounting its regulatory woes in the United States.
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The world’s largest cryptocurrency exchange has been hit with an SEC suit that many saw coming, but the details will be studied closely.
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