Paxos, a company that issues and redeems stablecoins, said it processed $3 billion in customer redemptions on Tuesday over the span of seven hours. Those redemptions were for its Binance-USD stablecoin, according to a Paxos spokesperson. Paxos said it was operating its products and services normally. But the redemptions are another sign of customer jitters about crypto exchanges and...
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Why the CFTC’s Binance Lawsuit Is Good News for Coinbase
Privately held crypto exchanges are setting new lows in corporate governance. If you thought the initial bankruptcy filing for Sam Bankman-Fried’s FTX was stunning in what it revealed about how that company was run, check out the Commodity Futures Trading Commissions lawsuit against Binance today. Here’s a business empire controlled by one person, Changpeng Zhao, which has no board of directors...
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