Coinspeaker
SEC Ends Probe into Paxos BUSD Stablecoin
Stablecoin issuer Paxos recently announced that the US Securities and Exchange Commission (SEC) has stopped its investigation into Binance USD (BUSD), the stablecoin branded by Binance.
On July 9, Paxos received a formal termination notice from the SEC, ending a probe that had raised significant concerns within the crypto community. In a statement on July 11, Paxos reaffirmed its stance that its USD-backed stablecoins are not securities under federal securities laws. The New York-based company criticized the Wells notice as unwarranted and unjustified. It stated:
“Paxos has and always will prioritize the safety of customer assets. Paxos-issued stablecoins are always backed 1:1 with US dollar-denominated reserves, fully segregated and held in bankruptcy remote accounts.”
Notably, Paxos partnered with the crypto exchange Binance in September 2019 to launch BUSD. The token quickly became a popular name in the stablecoi
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