Paxos Ordered To Stop Issuing BUSD By NYDFS – February 13

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$21,523

Bitcoin price has picked up where it left off on Friday in the mid $21,000s, despite a temporary recovery to $22,000 over the weekend.

Top-20 altcoins are down across the board over the last 24 hours, as Ether drops 4%, BNB tumbles 10% over BUSD troubles and Polygon also falls 10%.

Top Stories for February 13, 2022 🔥

👉 Paxos Ordered To Stop Issuing BUSD By NYDFS

The New York Department of Financial Services (NYDFS) has ordered Paxos to stop issuing Binance USD (BUSD), a stablecoin launched in 2019 by Paxos and Binance.

The move comes after an NYDFS investigation of Paxos. The company will cease the issuance of new BUSD stablecoins starting February 21 and will honor redemptions “through at least February 2024”.

The US Securities and Exchange Commission is also reportedly planning to sue Paxos over BUSD, alleging that the stablecoin is an unregistered security.

👉 Bakkt Digital Asset Platform To Discontinue Consumer App

Digital asset platform Bakkt is discontinuing its consumer-facing app and shifting its focus to business-to-business (B2B) tech services.

The app was launched in March 2021 with the goal of integrating crypto holdings with other digital assets like airline miles, gift cards, and loyalty points. The move shows that US crypto firms are moving away from consumer-facing products due to increased regulatory scrutiny for consumer protection.

Consumers will still be able to manage their assets over the web after the app officially closes on March 16th.

👉 DBS Bank To Expand Crypto Services To Hong Kong

Singapore state-owned megabank, DBS, is planning to expand its cryptocurrency services to Hong Kong as the territory pushes to become a hub for digital assets.

The bank made a move into the crypto industry by launching its institutional crypto exchange in Singapore in 2020 and has been working to expand its platform to retail investors. This includes plans to apply for a license to offer crypto trading services to Hong Kong customers.