The firm behind Binance’s stablecoin has been ordered to stop issuing the token
The New York Department of Financial Services told Paxos to stop minting Binance USD, citing unresolved issues.
The digital token won’t have any new coins minted from next week.
The company will also continue to support and redeem tokens until February next year.
It is a setback for Binance’s effort to gain market share in the stablecoin space, as it doesn’t appeal as much to larger investors.
Stablecoins – digital tokens typically backed by traditional assets that are designed to hold a steady value – have emerged as one of the key cogs in the crypto economy.
They are used for trading between volatile tokens like bitcoin and, in some emerging economies, as a means to protect savings against inflation.
Why is the world’s largest crypto exchange battling U.S. regulators?
U.S. regulators have filed charges against Binance, the world’s largest crypt exchange
Is the idea of a financial world that operates outside of the global banking system and eludes the reach of regulations a possibility or a pipe dream?
The Securities and Exchange Commission has filed 13 charges against the Bianace, world’s largest crypt exchange and its billionaire founder, Changpeng Zhao.
The SEC alleges that the crypto exchange worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own and violated securities laws.
In addition, the SEC is also alleging that Binance and Zhao used market-making companies—that they controlled—to inflate trading prices and profit from of their customers.
Zhao has publicly dismissed the allegations.
Stefan Rust, the former CEO of Bitcoin.com joins us to discuss. #crypto #cryptocurrency #StefanRust #veronicadudo #Binance #ChangpengZhao
Is the metaverse the future of social network?
U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.
#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto
Who will win the global metaverse race?
China is looking to invest in the metaverse market as numerous cities rollout policy proposals.
Technology continues to change our lives forever.
As new advancements are released to the public—safety continues to be a major concern.
People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.
While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.
Analysts say it’s the next evolution in social connection and the successor to the mobile internet.
According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.
China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.
This comes after tense year of regulatory scrutiny on the countries tech sector.
The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.
The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.
So, is the metaverse taking the world by storm?
Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech
Andrew Tate granted partial travel freedom in Romania
Why the U.S. is back to panicking about the debt ceiling
Citigroup CEO on layoffs: No time for bystanders
Crypto.com accidentally transfers $10.5m to woman instead of $100
What is happening between SHIB and Vitalik? | TICKER VIEWS
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
News5 days ago
OpenAI’s ChatGPT can now see, hear, and speak
News3 days ago
Elon Musk on Philadelphia looting: ‘America resembles the Joker’
Insight3 days ago
Revolutionising property ownership with property syndication
Money6 days ago
What is the future of investing?
News5 days ago
Victorian Premier Daniel Andrews quits, leaving debt, lockdown legacy
Money5 days ago
Chinese youth swap LinkedIn for Tinder to find a job
Money4 days ago
What does being “officially rich” look like?
News3 days ago
Cybersecurity experts on the best ways to protect your business