SEC kills BUSD, DOS Chain launched, Busan crypto hub
Daily Crypto, Blockchain & Web3 Update 2023-02-15
Paxos to stop minting BUSD stablecoins for Binance (2 minute read)
Paxos has been ordered by New York regulators to stop issuing Binance USD due to concerns that it can't safely issue the token. The SEC is planning to sue Paxos for violating investor protection laws. It reportedly sent a notice to Paxos to inform the company of potential violations and enforcement actions. Paxos will stop issuing new BUSD tokens on February 21. The stablecoin will remain fully supported by Paxos until at least February 2024. Binance will support BUSD for the foreseeable future.
Binance said it will review its projects in uncertain regulatory environments. Some $52 million of BUSD were sent to exchanges in a 24-hour period beginning Sunday, while BUSD’s 1:1-dollar peg slipped against trading pair tether (USDT) and BNB token, the native coin of Binance’s blockchain, is selling off.
Circle Sounded Alarm on Paxos, Told NYDFS Binance’s Stablecoin Wasn’t Fully Backed (2 minute read)
The New York Department of Financial Services (NYDFS) is investigating stablecoin issuer Paxos. According to a report, it was rival stablecoin issuer Circle that tipped off the NYDFS. The NYDFS has told Paxos to stop minting BUSD. The US SEC is planning to sue Paxos for issuing an unregistered security and the Office of the Comptroller of the Currency may ask Paxos to withdraw its application for a full banking charter.
DOS Labs launches user-friendly and zero gas fee Subnet on Avalanche (1 minute read)
Today DOS Labs launched the latest gaming Subnet, the foundation for an ecosystem of players and developers to launch games, tooling, exchanges and more!
DOS Labs formed the Vietnam Game Developer Association, a group of gaming studios already started building the next generation of Web3 games. DOS Subnet will provide game developers with SDKs (Unity, Unreal, and others) to quickly and affordably integrate Web3 features into games.
The first game on the Subnet will be Heroes & Empires and MetaDOS, a free Battle Royale game aiming to launch this June.
UAE Plans to Issue a CBDC to Promote Digital Payments (1 minute read)
The central bank of the United Arab Emirates is planning to issue a central bank digital currency for domestic and cross-border payments. It is one of nine initiatives of the central bank's Financial Infrastructure Transformation Program. Dubai published comprehensive regulations for the crypto sector last week. The new laws include the establishment of a licensing regime for crypto companies.
Korea’s Second-largest City Pushes for Crypto Hub (1 minute read)
Busan plans to create a publicly-run crypto exchange as a means of rejuvenating its aging population and attracting foreign investment.
To revitalize its aging population, the local government of Busan, South Korea, is aiming to become a global hub for digital assets via the creation of a publicly-run crypto exchange.