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☆ Ark Invest's Cathie Wood buys Coinbase shares for a second straight day
▼ + stars: | 2023-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Ark Invest's Cathie Wood continued to add to her Coinbase holding despite the increased regulatory crackdown on the crypto industry. Wood snapped up 102,281 shares of the crypto exchange for her flagship ARK Innovation ETF on Monday, and another 16,414 shares for ARK Next Generation Internet ETF . Wood also bought 139,105 shares of Coinbase for the Innovation ETF on Friday. COIN YTD mountain Coinbase Shares of Coinbase rebounded sharply in January with a 65% return, becoming one of ARKK's biggest winners for the month. Wood has been standing by her bold call on bitcoin even amid the fallout in the crypto industry.

☆ Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin
▼ + stars: | 2023-02-13 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

BUSD, also known as Binance USD, is a stablecoin backed by U.S. dollars on a one-to-one basis. New York regulators directed a crypto company to stop issuing one of the largest dollar-pegged cryptocurrencies, as a government clampdown on the sector widens. The New York Department of Financial Services ordered Paxos Trust Co., which issues and lists Binance’s dollar-pegged cryptocurrency, to stop creating more of its BUSD token, Binance said in a statement. Paxos will continue to manage redemptions of the product, the crypto exchange added.

The SEC issued a letter to Paxos known as a Wells notice, which the agency uses to inform companies of a possible enforcement action. The Securities and Exchange Commission has told crypto firm Paxos Trust Co. that it plans to sue the company for violating investor protection laws, according to people familiar with the matter, the latest move in the agency’s escalating campaign in crypto enforcement. The SEC’s enforcement staff issued a letter to Paxos known as a Wells notice, which the agency uses to inform companies and individuals of a possible enforcement action, according to the people.

☆ Crypto Firm Paxos to Stop Issuing Dollar-Pegged Binance Token
▼ + stars: | 2023-02-13 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

New York regulators directed a crypto company to stop issuing one of the largest dollar-pegged cryptocurrencies, as a government clampdown on the sector widens. The New York Department of Financial Services ordered Paxos Trust Co., which issues and lists Binance’s dollar-pegged cryptocurrency, to stop creating more of its BUSD token. Paxos will continue to manage redemptions of the product, according to a Binance statement.

☆ Paxos ordered to cease minting Binance stablecoin by New York regulator
▼ + stars: | 2023-02-13 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

Cryptocurrency firm Paxos will cease issuing new Binance USD, or BUSD , stablecoins under the direction of New York state's financial regulator, Binance founder Changpeng Zhao said Monday. "We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services," Zhao said on Twitter. Paxos' BUSD product is related to, but separate from, Binance's self-issued Binance-pegged BUSD. "The Department has not authorized Binance-Peg BUSD on any blockchain, and Binance-Peg BUSD is not issued by Paxos," NYDFS said. Last week, the Securities and Exchange Commission settled with crypto exchange Kraken over allegations of unregistered offering and sale, in connection with Kraken's crypto staking platform.

☆ Paxos receives U.S. SEC notice over Binance's stablecoin 'BUSD'
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: 1 min

Feb 13 (Reuters) - Paxos said on Monday it had received a notice from the U.S. Securities and Exchange Commission stating it is considering recommending an action alleging that BUSD is a security and the blockchain firm should have registered the offering under the federal securities laws. BUSD is a fiat-backed stablecoin issued by Binance and Paxos. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin tumbles as regulators order Paxos to stop minting Binance stablecoin: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Robert Le of PitchBook lays out the fourth quarter trends for venture capital firms investing in crypto projects.

REUTERS/Dado Ruvic/IllustrationLONDON, Feb 13 (Reuters) - New York's chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token, Paxos said in a statement on Monday. The Binance USD (BUSD) stablecoin, one of the world's biggest, is issued and redeemed by New York-based Paxos Trust Company, both of which are regulated by the New York Department of Financial Services. Paxos said it would stop issuing new BUSD as of Feb. 21 "as directed by and working in close coordination with the New York Department of Financial Services". Binance USD is the seventh-largest cryptocurrency, with more than $16 billion in circulation, according to market tracker CoinGecko. Zhao said Binance would "continue to support BUSD for the foreseeable future" and that he saw users "migrating to other stablecoins over time."

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☆ A stablecoin collapse could spill into the U.S. bond market and economy, professor warns
▼ + stars: | 2023-01-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The near $1.4 trillion collapse of the crypto market in 2022 didn't make a dent to traditional assets like stocks or to the real economy. Stablecoins are a type of digital currency that is supposed to be pegged one-to-one with a fiat currency such as the U.S. dollar or the euro. Tether says that more than 58% of its reserves are held in U.S. Treasury Bills, accounting for around $39.7 billion. "And a large volume of redemptions even in a fairly liquid market can create turmoil in the underlying securities market. And given how important the Treasury securities market is to the broader financial system in the U.S. ...

☆ Circle’s SPAC flop does the public market a favor
▼ + stars: | 2022-12-05 | by ( John Foley | ) www.reuters.com time to read: +4 min

The firm run by Jeremy Allaire planned to go public through a marriage with a special-purpose acquisition company, valuing it at $9 billion. USD Coin is regulated by a New York financial watchdog, unlike rival Tether, but lacks the secure trust-company structure of peers Gemini and Paxos. Concord, a listed special-purpose acquisition company chaired by former Barclays chief Bob Diamond, agreed to buy Circle in July 2021. The circulating supply of USD Coin was $43 billion on Dec. 5, according to CoinMarketCap, compared with $53 billion in February. At that time, Circle estimated there would be $110 billion of USD Coin in circulation by the end of 2022.

☆ Blockchain holds a lot of promise, but most of it is speculative, says Fmr. FDIC Chair Sheila Bair
▼ + stars: | 2022-11-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlockchain holds a lot of promise, but most of it is speculative, says Fmr. FDIC Chair Sheila BairSheila Bair, former chair of the FDIC and executive director of Paxos, a blockchain technology company, joins CNBC's 'Squawk Box' to discuss what the fallout of FTX means for potential crypto regulation.

☆ Binance deploys $1 billion to keep crypto industry afloat after FTX collapse
▼ + stars: | 2022-11-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

In a blogpost, Binance said it will devote $1 billion in initial commitments to the recovery fund. Binance CEO Changpeng Zhao shared the public wallet address showing its initial commitment and said: "We do this transparently." The fund is an attempt by Binance to keep the crypto industry afloat after controversial entrepreneur Sam Bankman-Fried's exchange FTX filed for bankruptcy earlier this month. Since FTX's rapid winddown two weeks ago, investors have fretted over a possible crypto contagion affecting every corner of the industry. Around 150 companies have already applied for support from the fund, Binance said.

☆ Stablecoins fall few cents short of respectability
▼ + stars: | 2022-11-23 | by ( John Foley | ) www.reuters.com time to read: +8 min

That will reignite the debate over how to regulate digital assets – especially when it comes to stablecoins, the most money-like part of the cryptoverse. Stablecoins are digital assets designed to have a steady value, usually by being pegged to a real-world currency like the U.S. dollar. For each dollar of stablecoin a user holds, there’s supposed to be a dollar, or something like a dollar, sitting in a metaphorical vault. And in the case of some so-called algorithmic stablecoins, what backs the stablecoin might be another digital token with no fundamental value. The total sum of major U.S. dollar stablecoins outstanding is just under $145 billion, according to CoinGecko.

☆ FTX crash shares eerie similarities with Bernie Madoff, ex-regulator Sheila Bair says
▼ + stars: | 2022-11-15 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Sheila Bair, a top regulator during the 2008 financial crisis, told CNN there are eerie similarities between the dramatic rise and fall of Bankman-Fried and FTX and that of infamous Ponzi scheme mastermind Bernie Madoff. Bair notes that 30-year-old Bankman-Fried, like Madoff, proved adept at using his pedigree and connections to seduce sophisticated investors and regulators into missing “red flags” hiding in plain sight. Up until the bankruptcy filing, FTX even had an application pending with federal regulators to clear derivatives, The Wall Street Journal reported. FTX’s bankruptcy filing indicates it had liabilities of $10 billion to $50 billion at the time of the filing. — If you are an FTX customer and want to discuss how you have been impacted by the bankruptcy, please reach out to Matt.Egan@CNN.com

☆ Wall Street has made serious strides to embrace crypto this year. But after FTX's implosion, a regulatory crackdown is imminent.
▼ + stars: | 2022-11-15 | by ( Morgan Chittum | Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

In a stunning downfall, crypto platform FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Crypto sentiment from Wall Street giants has come a long way over the past few years. After FTX's disaster, a crackdown on digital assets is imminent. Prominent government officials quickly spoke out against the crypto platform last week. Gensler says that the agency's aggressive stance on digital assets is an effort to protect investors and may encourage further crypto adoption.

☆ Cryptocurrencies slide as worries about FTX fester in latest crypto liquidity scare
▼ + stars: | 2022-11-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Crypto assets tied to Alameda, the trading company also owned by billionaire Sam Bankman-Fried, were suffering steeper losses. FTX Token (FTT), the native token of the FTX trading platform, has fallen 23% in the past 24 hours. The token tied to Ethereum competitor Solana , of which Alameda is a big backer, has lost 12%. Binance is the largest crypto exchange in the world by trading volume and was an early backer of FTX. Those revelations refer to rumors about the solvency of FTX, the second-biggest crypto exchange in the world by trading volume.

☆ Binance offers to buy FTX's non-U.S. operations to fix 'liquidity crunch'
▼ + stars: | 2022-11-08 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

Binance, the world's largest cryptocurrency firm, has reached a deal with Sam Bankman-Fried's FTX to buy the rival crypto exchange for an undisclosed amount, rescuing the company from a liquidity crisis. The deal, according to Tweets from both Zhao and Bankman-Fried, rests on a non-binding letter of intent, pending full due diligence. A major sell-off began Monday evening amid concerns surrounding the solvency of both FTX and its sister trading firm, Alameda Research. Zhao said in his tweet that Binance has about $2.1 billion worth of FTT and BUSD, the fiat-backed stablecoin issued by Binance and Paxos, combined. The revelation also sparked concern about Alameda Research, Bankman-Fried's trading firm and sister company to FTX.

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☆ Buffett-backed digital bank Nubank to launch its own cryptocurrency in Brazil
▼ + stars: | 2022-10-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

The Brazilian digital banking startup Nubank will launch its own cryptocurrency in the country next year, marking the latest move into digital assets by a large financial institution. Nubank said Wednesday it will launch the token, called Nucoin, in the first half of 2023. In a press release, the company touts Nucoin as "a new way to recognize customer loyalty and encourage engagement with Nubank products." Nubank isn't the first bank to launch its own cryptocurrency. The Wall Street bank Goldman Sachs , meanwhile, has its own internal crypto trading desk.

☆ CEO David Solomon Is Restructuring Goldman Sachs Again
▼ + stars: | 2022-10-18 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +5 min

David Solomon is changing up Goldman Sachs divisions like he switches tracks. Goldman Sachs's third restructuring in four years comes as insiders have been questioning the direction that Solomon is taking the storied investment bank in. But first, read Dakin's rundown of who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon. The Swiss bank's investment bank chief Christian Meissner is also set to leave the company in the coming weeks. Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief.

☆ Mastercard will help banks offer cryptocurrency trading
▼ + stars: | 2022-10-17 | by ( Kate Rooney | ) www.cnbc.com time to read: +4 min

Mastercard is looking to bring crypto to the masses by making it easier for banks to get involved. The payments giant plans to announce a program Monday that will help financial institutions offer cryptocurrency trading, the company told CNBC. Mastercard will act as a "bridge" between Paxos, a crypto trading platform already used by PayPal to offer a similar service, and banks, according to the company. Mastercard has already teamed up with Coinbase on NFTs and Bakkt to let banks and merchants in its network offer crypto-related services. Last week, Visa partnered with FTX to offer crypto debit cards in 40 countries and has more than 70 crypto partnerships.

☆ Exclusive: International money-transfer startup Higlobe gets $14 million from Battery Ventures
▼ + stars: | 2022-09-20 | by ( Emilia David | ) www.businessinsider.com time to read: +3 min

Higlobe targets international freelancers who do multiple money transfers in a year. International payments-transfer startup Higlobe has raised $14 million in a Series A round that Battery Ventures led. Higlobe, founded in 2020, uses asset-backed stablecoins to facilitate money transfers between countries, but end users never touch the stablecoins. Other investors in Higlobe include TTV Capital, FJ Labs, Reciprocal Ventures, Paxos, Digital Currency Group, Gokul Rajaram, and Raptor Group. A large portion of Higlobe's customers are freelancers, especially in international markets like Mexico where freelancing is on the rise.

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