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The U.S. Securities and Exchange Commission (SEC) has planned to sue Paxos over the issuance of dollar-pegged Binance stablecoin (BUSD), the Wall Street Journal reported Sunday. Paxo is the issuer of Paxos USD (PUSD) and BUSD. An SEC spokesperson told the press that the commission does not comment on
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Tether, the company behind the USDT stablecoin, has recorded an annual profit of $700 million for the year 2022. This comes despite the crypto winter that has lasted for about nine months. The company holds enough reserves to back the token despite processing $21 billion in redemptions last year, according
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Activities on the Ethereum network keep rising, with Uniswap, a popular decentralized exchange taking the lead. This report by Blockworks notes that Ethereum is entering its fourth week of deflationary issuance as the network’s usage increases. The rate of deflationary issuance for crypto indicates that the number of tokens
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Lawyers representing the defunct FTX exchange have received permission to subpoena the company’s co-founders Sam Bankman-Fried and Gary Wang, ex-Alameda Research CEO Caroline Ellison, Bankman-Fried’s parents, and his brother Gabriel. This development is according to a court order filed on Wednesday. The company’s legal team asked for
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Digital Currency Group (DCG) and its bankrupt Genesis subsidiary reached an in-principle agreement on terms of a restructuring plan with a group of the firm’s main creditors, according to a person familiar with the situation. According to a person familiar with the issue, the agreement, which begins to resolve
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World’s largest crypto exchange, Binance has confirmed that the exchange plans to pause bank transfers of U.S. dollars this week. “We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly. It’s worth noting that only 0.01% of our monthly
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U.K. bank Nationwide Building Society has restricted card payments made by users to Binance, the world’s largest cryptocurrency exchange. According to a page on its website, Card payments to Binance are being declined by the U.K. bank "until further notice," adding that customers can still
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In the last 72 hours, several media outlets, including Cointelegraph, have reported that Nairaex is currently selling Bitcoin (BTC) at $38,000. This, however, is incorrect and should be regarded as a mistake on the part of these news outlets. According to a post on Nairaex’s official Twitter handle,
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A social token platform built on the Ethereum network, Rally, has hit rock bottom. This follows an announcement by the company Tuesday. The news came via an email to the Rally community saying that the platform’s sidechain would be disabled on January 31. “As most of you are aware,
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Bankrupt lending protocol, BlockFi has earned court approval to sell its remaining assets. As a lending and borrowing platform, BlockFi, which let users earn interest on their deposited cryptocurrencies. In November 2022, the platform filed for bankruptcy due to its connection with FTX, which had previously extended the firm several
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Bitcoin’s mining difficulty, on Sunday, hit a new all-time high, rising roughly 4.68% from 37.59 trillion to 39.35 trillion. By industry standards, mining difficulty is the figure that represents the computational power required to mine a single BTC. It’s updated roughly every two weeks. It
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Financial services provider, Mastercard has partnered with Binance, the world’s largest crypto exchange, to launch a prepaid rewards card in Brazil. The prepaid card will allow customers to make everyday purchases with cryptocurrency. Through this partnership, new and existing Binance users will be able to use the card to