SEC klaagt Paxos aan over Binance USD: Details

• De SEC heeft een Wells Notice uitgegeven aan Paxos, een blockchain-betalingsbedrijf, over Binance USD (BUSD).
• Het bureau is van mening dat BUSD, een stablecoin die eigendom is van en wordt uitgegeven door Paxos, een niet-geregistreerd effect is. 
• Een Wells Notice is een brief die de SEC gebruikt om bedrijven op de hoogte te stellen van geplande handhavingsmaatregelen.
• Het blockchain-betalingsbedrijf heeft 30 dagen de tijd om in een juridische brief op de kennisgeving te reageren.

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Rumors seeped into the crypto space that US authorities were planning to dry up the banking access of firms like Paxos, a New York-based financial company specializing in blockchain payments. While such rumors were denied, a report has cleared up the fact that the payments firm has been sued by the United States Securities and Exchange Commission (SEC) over the stablecoin of the world’s largest crypto exchange, Binance USD (BUSD). 

Volgens een recente rapport from the Wall Street Journal (WSJ), people familiar with the matter have confirmed that the SEC issued a Wells Notice to Paxos. It is crucial to note that a “Wells Notice” is a letter the US securities regulator uses to inform companies of planned enforcement action. The report also confirms that the letter alleges that Binance US is an unregistered security. 

An important aspect of a Wells notice is that the receiver is given a period of close to 30 days to submit a brief and respond to the accusations mentioned in the notice. This legal brief is known as a “Wells Submission” and includes arguments to prove why the charges should not be brought against prospective defendants.

On the other hand, a spokesperson from the SEC told CoinTelegraph that the agency “does not comment on the existence or nonexistence of a possible investigation.” A spokesperson from leading exchange Binance commented on the accusations of the regulator, adding that the Binance USD is a “Paxos issued and owned product,” with Binance licensing its brand to the firm for use with BUSD. 

De woordvoerder voegde er ook aan toe dat Paxos wordt gereguleerd door het New Yorkse Department of Financial Services (NYDFS) en dat BUSD wordt ondersteund door de Amerikaanse dollar in een verhouding van 1:1. 

“Stablecoins are a critical safety net for investors seeking refuge from volatile markets and limiting their access would directly harm millions of people across the globe,” the spokesperson added. “We will continue to monitor the situation. Our global users have a wide array of stablecoins available to them.”

Interessant is dat Binance USD (BUSD) de op twee na grootste stablecoin is qua marktkapitalisatie, met een waarde van $16,14 miljard. Het is uitgegeven en eigendom van Paxos sinds de betalingsfirma's samenwerkten met Binance in 2019. Bovendien is het in New York gevestigde bedrijf ook de eigenaar en uitgever van de Paxos Dollar (USDP) stablecoin, die in 2018 debuteerde in de crypto-ruimte.

Additionally, FOX Business journalist, Eleanor Terrett, tweeted on Feb. 12 that this move was a “unilateral effort” between the SEC and other regulators to “blitz crypto.” Rumors circulated in the market that the Fed and OCC are in the midst of a massive crypto de-banking operation, Paxos and others were told by the OCC to either withdraw their banking charter applications or they would be denied by Friday last week. These rumors were denied by the payments company, but Terrett pointed out that more Wells Notices can be expected in the coming days.

Zoals eerder gemeld door Bitnation, rondde de SEC ook haar zaak af met crypto-uitwisseling Kraken, wat zal moeten betaal $30 miljoen aan disgorgement, prejudgment interest, and civil penalties. The regulator claimed that Kraken’s staking services were unregistered securities. 

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