Hello, ApolloXplorer!Have you seen today’s key headlines yet?<h2 id="header-0">#1. Paxos says BUSD is not a security and will litigate if needed</h2>Stablecoin issuer Paxos acknowledged that it has received a Wells Notice from the U.S. SEC.This indicates a possible enforcement action based on the charge that BUSD is an unregistered security.Paxos said it “categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws” and said the firm is “prepared to vigorously litigate if necessary”.On Monday, Paxos said it would stop minting new BUSD tokens at the direction of the New York Department of Financial Services (NYDFS).Source: <a href="https://www.coindesk.com/policy/2023/02/13/paxos-categorically-disagrees-with-sec-that-busd-is-a-security-says-it-will-litigate-if-needed/" rel="noopener noreferrer nofollow">CoinDesk</a><h2 id="header-1">#2. Circle reportedly sent a complaint about Binance reserves to NYDFS</h2>The NYDFS allegedly received a complaint from stablecoin issuer Circle regarding Binance’s reserves before its crackdown on BUSD.According to a Bloomberg report, Circle alerted NYDFS in an autumn 2022 complaint that Binance’s reserves were insufficient to support its tokens.A person familiar with the matter reportedly said Circle’s team had uncovered the information through blockchain data.The NYDFS has ordered BUSD issuer Paxos to stop issuing BUSD.Source: <a href="https://cointelegraph.com/news/circle-blew-the-whistle-on-binance-reserves-to-nydfs-report" rel="noopener noreferrer nofollow">Cointelegraph</a><h2 id="header-2">#3. Binance withdrawals and BUSD redemptions surge</h2>Investors appear to be spooked over recent news of regulatory action against Paxos and BUSD.Binance has seen a surge of withdrawals over the last 24 hours. Nansen data showed that Binance recorded 24-hour multichain token net outflows of $788.5 million.The BUSD token has also recorded significant redemptions. 342 million BUSD was burned over the last 24 hours according to Peckshield.Source: <a href="https://cointelegraph.com/news/binance-withdrawals-and-busd-redemptions-surge-post-paxos-crackdown" rel="noopener noreferrer nofollow">Cointelegraph</a><h2 id="header-3">#4. 76,000 Ordinals minted on Bitcoin blockchain</h2>Ordinals, the NFT-like project on the Bitcoin blockchain, has over 76,400 inscriptions created to date.The number of Ordinals spiked on February 9, 2023, exceeding 20,800 inscriptions for the day, according to data from Dune.Launched in January 2023, Ordinals aims to bring NFTs into the Bitcoin ecosystem. Its digital assets are inscribed directly onto satoshis, the lowest denomination of a Bitcoin, without needing a sidechain or token.Developers have inscribed JPEGs, audio files, videos, and even video games to test the limits of what can go on the Bitcoin blockchain.Source: <a href="https://decrypt.co/121243/ordinals-gain-momentum-with-76000-nfts-minted-to-bitcoin" rel="noopener noreferrer nofollow">Decrypt</a><h2 id="header-4">#5. DBS Bank to offer crypto trading in Hong Kong</h2>Singapore state-owned megabank DBS Group plans to apply for a license to offer crypto trading services to Hong Kong customers.This comes amid Hong Kong reaffirming its pro-crypto stance. Hong Kong lawmakers had passed legislation to set up a licensing system for virtual asset service providers in December 2022.The new regulatory framework is designed to provide the same degree of market recognition to crypto exchanges as the one that is currently applicable to traditional financial institutions.While Hong Kong authorities have been opening up to crypto recently, Singapore has taken a more stringent approach to the crypto industry.Source: <a href="https://cointelegraph.com/news/dbs-bank-to-offer-cryptocurrency-trading-in-hong-kong" rel="noopener noreferrer nofollow">Cointelegraph</a>--The ApolloX app is available on Apple Store or Google Play <a href="https://apollox.onelink.me/rf4R/cmccommunity" rel="noopener noreferrer nofollow">here</a>.Stay up to date with ApolloX!<a href="https://t.me/ApolloX_Finance" rel="noopener noreferrer nofollow">Telegram</a> |<a href="https://twitter.com/ApolloX_Finance" rel="noopener noreferrer nofollow"> Twitter</a> |<a href="https://www.facebook.com/ApolloXFinance" rel="noopener noreferrer nofollow"> Facebook</a> |<a href="https://www.instagram.com/apollox_finance/" rel="noopener noreferrer nofollow"> Instagram</a> | <a href="https://apollox.link/blog-discord" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://coinmarketcap.com/community/profile/ApolloX" rel="noopener noreferrer nofollow">CMC</a>

Crypto News of the Day: Circle reportedly sent a complaint about Binance reserves to NYDFS, Paxos says will litigate if needed

Table of Contents

APX

Other articles published on Feb 14, 2023

The Sandbox (SAND) Price Slips as $250M Token Unlock Nears

5 gift ideas for a crypto lover for Valentine’s Day

WEMIX Listing on Mercado Bitcoin Exchange

Convert PETN Pre-Sale Token to Community Growth Incentive Reward (CGIR)

NFT Smart Contract Bugs & Exploits: A Pandora NFT Securities’ Case Study

Honeywood IKO

Join our free newsletter for daily crypto updates!