SEC to Sue Crypto Trust Co. Paxos Over Binance Stablecoin: WSJ

Binance acknoweldged last month that it had not always maintained the proper balance to back Binance-Peg BUSD (PBUSD), a wrapped version of BUSD offered on non-Ethereum networks that is backed by BUSD. After Bloomberg reported that there were issues with how PBUSD’s backing was displayed, Binance said “on occasion in the past, there was a timing mismatch in backing Binance-Peg BUSD with BUSD.” The crypto exchange claimed in a blog post that while there were issues in “the publicly viewable data,” user redemptions were not affected.

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• Source: https://www.coindesk.com/policy/2023/02/13/sec-to-sue-crypto-trust-co-paxos-over-binance-stablecoin-wsj/?utm_medium=referral&utm_source=rss&utm_campaign=headlines