Paxos CEO Charles Cascarilla recently told his employees that the firm was in talks with the SEC regarding various issues. The CEO revealed that his firm had ended its relationship with crypto giant Binance earlier this week. Paxos Trust Company, the firm that issued the world’s third largest stablecoin, Binance USD [BUSD], until two weeks […]
Paxos CEO Charles Cascarilla recently told his employees that the firm was in talks with the SEC regarding various issues.
The CEO revealed that his firm had ended its relationship with crypto giant Binance earlier this week., until two weeks ago, has indicated that it may engage in litigation to defend its position on its security status. The firm’s CEO recently wrote to his employees, detailing the ongoing efforts and discussions with the U.S Securities and Exchange Commission and other agencies.
Following the Wells notice from the SEC, which informed Paxos about potential enforcement actions against it, the firm stated in a press release that it was prepared to engage in vigorous litigation against the SEC for its stance on BUSD. At the time, the BUSD issuer stated that it categorically disagreed with the allegations made by the securities regulator.
The CEO’s email further revealed that the firm was working with the SEC to publish its clearing house agency application, in addition to coordinated efforts with the U.S. Office of the Comptroller of the Currency for conditional approval of its national trust bank charter., the Paxos chief revealed that the firm had ended its relationship with the world’s largest crypto exchange earlier this week.
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