BUSD

<h4><strong>Yesterday, this web3 company <a href="https://paxos.com/blog/paxos-prevails-in-sec-investigation-of-busd-stablecoin-and-sec-will-not-pursue-enforcement-action/" target="_blank" rel="noopener">announced</a> that it received a formal termination notice from the SEC on July 9th, 2024. </strong></h4> 
<p>It states that no enforcement action will be recommended against Paxos Trust Company.</p> 
<h5><strong>SEC Validates Paxos’ Compliance, No Enforcement Action</strong></h5> 
<p>Charles Cascarilla, CEO &amp; Co-Founder of Paxos, emphasized the company’s commitment to prioritizing the safety of customer assets. He noted that Paxos-issued stablecoins, including <a href="https://www.altcoinbuzz.io/?s=BUSD" target="_blank" rel="noopener">BUSD</a>, are backed 1:1 with US dollar reserves, fully segregated. Also, stables held in bankruptcy-remote accounts. This stringent custody and reserve management framework distinguishes this platform as a leader in the industry. It ensures robust security measures for digital assets.</p> 
<p>Cascarilla expressed confidence in Paxos’ approach, stating, “Paxos stands apart as the only issuer to secure regulatory oversight to introduce safe solutions that will drive significant innovation across the global financial system.” This regulatory clarity to compliance has been pivotal in Paxos’ ability to navigate regulatory scrutiny effectively.</p> 
<p><img decoding="async" class="wp-image-145462 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcvbcnbvbnmnbmhjjhkjk-196x300.jpg" alt="" width="436" height="667" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcvbcnbvbnmnbmhjjhkjk-196x300.jpg 196w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcvbcnbvbnmnbmhjjhkjk-274x420.jpg 274w" sizes="(max-width: 436px) 100vw, 436px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/Paxos/status/1811405877733097703" target="_blank" rel="noopener">X</a></strong></h6> 
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      <p>The conclusion of the SEC investigation signifies a significant milestone for this web3 company. It confirms the company’s regulatory compliance and transparency in managing stablecoins. The decision not to pursue enforcement action highlights Paxos’ compliance and strengthens its reputation in the <a href="https://www.altcoinbuzz.io/?s=crypto+market" target="_blank" rel="noopener">crypto market</a>.</p> 
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<p>Looking ahead, Paxos remains focused on advancing safe and innovative solutions within the global financial system. The company’s regulatory oversight and adherence to best practices in asset custody and management continue to set benchmarks for the industry, promoting stability and trust among stakeholders.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/sec-exonerates-paxos-in-busd-investigation/">SEC Exonerates Paxos in BUSD Investigation</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

SEC Exonerates Paxos in BUSD Investigation

Altcoin Buzz

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