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VOICE ARCHIVE

@paxosglobal

@paxosglobal
11 posts
2023-03-09
1/ Statement from Paxos on Silvergate Bank: Paxos has virtually no exposure to Silvergate. Last week we discontinued SEN connectivity and wires into our Silvergate account and have continued processing outgoing withdrawals.
2023-03-09 View on X
The Block

Silvergate Capital plans to wind down operations and voluntarily liquidate Silvergate Bank, including “full repayment of all deposits”; SI drops 40%+ to ~$5

- Silvergate Capital Corporation said it will wind down operations and voluntarily liquidate Silvergate Bank in accordance with applicable regulatory processes.

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2023-03-03
In light of recent developments with Silvergate Bank, Paxos has discontinued all SEN transfers and wires to our Silvergate account. Paxos will continue to process all outgoing payments.
2023-03-03 View on X
CoinDesk

Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe, and Gemini suspend business operations with Silvergate, which reported being “less than well-capitalized”

Silvergate's clients Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets and Gemini said they will suspend business with the bank.

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Statement from Paxos on Silvergate Bank: Paxos does not have any material exposure to Silvergate. Paxos' priority has always been the protection of its customers' funds and assets, and as such we leverage a diverse network of banking partners.
2023-03-03 View on X
CoinDesk

Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe, and Gemini suspend business operations with Silvergate, which reported being “less than well-capitalized”

Silvergate's clients Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets and Gemini said they will suspend business with the bank.

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2023-02-13
2/ Existing BUSD tokens are fully-backed and redeemable through Paxos Trust Company through at least February 2024
2023-02-13 View on X
Wall Street Journal

Binance says the NYDFS ordered Paxos to stop issuing more of its BUSD stablecoin, which has 6.2M holders; Paxos will continue redemptions and cut Binance ties

Firm will continue to manage redemptions of the product  —  New York regulators directed a crypto company to stop issuing …

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1/ This morning, Paxos announced it will halt minting new #BUSD tokens effective February 21. Read the full press release from Paxos here: https://paxos.com/...
2023-02-13 View on X
Wall Street Journal

Binance says the NYDFS ordered Paxos to stop issuing more of its BUSD stablecoin, which has 6.2M holders; Paxos will continue redemptions and cut Binance ties

Firm will continue to manage redemptions of the product  —  New York regulators directed a crypto company to stop issuing …

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END/ Paxos remains dedicated to the development of stablecoins, tokenization & #blockchain technology. We'll continue serving the world's most respected and established companies to create a more open financial system.
2023-02-13 View on X
Wall Street Journal

Binance says the NYDFS ordered Paxos to stop issuing more of its BUSD stablecoin, which has 6.2M holders; Paxos will continue redemptions and cut Binance ties

Firm will continue to manage redemptions of the product  —  New York regulators directed a crypto company to stop issuing …

View original
3/ Paxos will continue to manage all outstanding BUSD reserves, ensuring all BUSD are always backed 1:1 with US dollar-denominated reserves held in bankruptcy remote accounts.
2023-02-13 View on X
Wall Street Journal

Binance says the NYDFS ordered Paxos to stop issuing more of its BUSD stablecoin, which has 6.2M holders; Paxos will continue redemptions and cut Binance ties

Firm will continue to manage redemptions of the product  —  New York regulators directed a crypto company to stop issuing …

View original
2023-01-11
1/ BUSD on ERC20 issued by Paxos is the largest regulated stablecoin in the market. It is always backed 1:1 and offers the highest level of transparency and oversight.
2023-01-11 View on X
Bloomberg

Binance admits flaws in maintaining its Paxos-managed BUSD stablecoin, which should be backed 1:1; ChainArgos: BUSD was undercollateralized by $1B+ in 2020-21

Binance Holdings Ltd., the biggest cryptocurrency exchange, acknowledged past flaws in the management of its stablecoin's reserves …

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2/ Wrapped versions are not issued by Paxos - consumers should educate themselves on how these wrapped assets are managed. See this post from Binance with info on Binance-Peg BUSD. https://www.binance.com/...
2023-01-11 View on X
Bloomberg

Binance admits flaws in maintaining its Paxos-managed BUSD stablecoin, which should be backed 1:1; ChainArgos: BUSD was undercollateralized by $1B+ in 2020-21

Binance Holdings Ltd., the biggest cryptocurrency exchange, acknowledged past flaws in the management of its stablecoin's reserves …

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2021-07-22
There are big differences between regulated #stablecoins that are backed 1:1 by cash & US T-Bills and unregulated “stablecoins” backed by various financial instruments. Understand the nuance from our GC and Chief Compliance Officer Dan Burstein https://www.paxos.com/...
2021-07-22 View on X
CoinDesk

SEC Chairman Gary Gensler: stock tokens and stablecoins backed by securities “are implicated by the securities laws and must work within our securities regime”

Nikhilesh De / CoinDesk :

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2019-09-06
NEW: We are also excited to share that @NYDFS has approved BUSD, our new dollar-backed stablecoin, launching later in September in partnership with @binance. Read more here: https://www.coindesk.com/...
2019-09-06 View on X
CoinDesk

Binance launches a USD-backed stablecoin in the US in partnership with Paxos after receiving approval from NY regulators

Nikhilesh De / CoinDesk :

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