Home » Markets » Investors pull around $6 billion out of Binance's stablecoin
Investors pull around $6 billion out of Binance's stablecoin
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Binance's stablecoin, Binance USD, has seen around $6 billion of outflows following a U.S. regulatory crackdown on the company that issues the token, according to market tracker CoinGecko.
Paxos Trust Company, which issues Binance USD, said on Feb. 13 that the U.S. Securities and Exchange Commission (SEC) had told the company it should have registered the product as a security and is considering taking action against the platform.
On the same day, New York's chief financial regulator said in a consumer alert that it had ordered Paxos to stop creating the token.
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