Exchanges News

Coinbase to Suspend Trading of BUSD Amid Regulatory Crackdown

Coins Legend February 27, 2023 0

Cryptocurrency exchange Coinbase announced it will suspend trading and delist the Paxos-managed stablecoin asset BUSD. The decision follows Paxos’ revelation that the New York State Department of Financial Services directed the firm to stop issuing the U.S. dollar-pegged token BUSD. Coinbase to

Exchanges News

BUSD Stablecoin Drops from Top 10 Crypto Assets Amid Significant Decrease in Dominance

Coins Legend February 25, 2023 0

After Paxos announced that it would no longer mint the stablecoin BUSD, 4.98 billion BUSD stablecoins have been removed from circulation to date. The Paxos-managed stablecoin has also fallen out of the top ten crypto assets by market capitalization, slipping below dogecoin’s valuation with a market cap of around $11.12 billion, compared to the meme […]

Exchanges News

Binance Increases USDC Holdings as BUSD’s Market Cap Slides Lower

Coins Legend February 21, 2023 0

Eight days ago, Paxos announced that the company would no longer mint the stablecoin BUSD. Since then, the coin’s market capitalization has been sliding lower as redemptions have become more prominent. Meanwhile, a data researcher from Nansen has discovered that Binance, the largest cryptocurrency exchange by trade volume, has increased its usd coin holdings by […]

Exchanges News

Nearly 3 Billion BUSD Stablecoins Have Been Removed From the Market in 6 Days

Coins Legend February 19, 2023 0

Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed. Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy’s $67.71 billion in global trade volume over […]

News

BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert

Coins Legend February 13, 2023 0

Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approximately 16.16 billion tokens in circulation. In the past eight hours, nearly $290 million has been redeemed, bringing the number of BUSD in circulation to 15.87 billion. Stablecoin BUSD Sees Increased Redemption Activity During Regulatory Scrutiny The stablecoin BUSD […]

Exchanges News

Binance CEO Warns of ‘Profound Impacts’ on Crypto Industry if BUSD Is Ruled as a Security

Coins Legend February 13, 2023 0

Binance CEO Changpeng Zhao (CZ) has warned of “profound impacts” on the crypto industry if stablecoin Binance USD (BUSD) is ruled as a security. His warning followed an alleged lawsuit by the U.S. Securities and Exchange Commission (SEC) against Paxos, the issuer of Binance USD. Binance’s CEO on SEC Action Against Paxos and BUSD Following […]

News

Paxos Receives Wells Notice from SEC, NYDFS Orders Issuer to Stop Minting BUSD

Coins Legend February 13, 2023 0

According to a report published on Feb. 12, 2023, the New York-based financial institution and technology company, Paxos, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) regarding alleged violations of investor protection laws. Paxos revealed the following day that it would no longer mint BUSD and it was ending its […]

Altcoins

Stablecoin Market Cap Slides, BUSD and DAI Valuations Jump, Fiat Tokens Represent 70% of All Crypto Trades

Coins Legend July 21, 2022 0

During the last month, the stablecoin economy’s market valuation dropped from $155.23 billion to $153.34 billion on July 20, sliding roughly 1.21%. The top two stablecoins by valuation, tether and usd coin, have seen their market caps slide over the last 30 days, while BUSD and DAI have seen increases. Stablecoin Markets Lose Close to […]