фото показано с : blokt.com

One of the largest cryptocurrency exchanges in the world, Binance, is home to a huge list of coins trying to make a mark in the cryptocurrency world. The most recent listing by the exchange is the Paxos stablecoin which will debut with two currency pairs — Bitcoin and Binance Coin.

Paxos has recently gathered flak from the crypto community and media because they have the ability to freeze or seize tokens themselves. However, Paxos stated to us:

To be clear: We have no intention of ever giving unrestricted access to our code directly to law enforcement (or anyone else, for that matter). The code is written because we are required to have the capability to freeze or seize tokens ourselves. This is something we don’t take lightly; it’s an action we will take only if required by law.

In its website post, Binance noted that the token would be available with two pairings — PAX/BNB and PAX/BTC. The exchange also wrote that PAX is paired one-to-one with USD, which means every PAX token will be valued at $1 forever. It added:

“Please be cautious if/when the price deviates from this ratio.”

The exchange will work with a top-ranking audit firm to release monthly balance attestations for “PAX and USD balanced held/issued.”

Binance also announced its listing of Paxos Standard Token (PAX) on Twitter. As soon as it did, the cryptoverse was flooded with opinions about the move. The exchange’s Twitter account quickly started receiving messages from other users, some of whom reacted negatively to the event.

Soon after, Binance CEO Changpeng Zhao wrote on Twitter:

“Regulated, stable coins serve as a middle ground where regulators maintain control, but the token also offers far more freedom than traditional fiat for users. Hope more will copy/follow/improve, and for other fiat currencies too.”

A heated debate then started in the comments section, with some people suggesting they list a decentralized stablecoin instead of a “Tether clone.”

Paxos is a regulated stablecoin approved by the authorities in the state of New York. The company behind the stablecoin Paxos is also licensed with the US Securities and Exchange Commission. The coin is also compliant with standard banking regulations like antimoney laundering laws, identity disclosure and antiterrorism financing regulations.

However, negative allegations against Paxos arose from a researcher named John Backus, whose tweetstorm gave crypto users some concerns about the coin. He wrote on Twitter:

“Wow, wtf? The PAX stablecoin gives **admin write access** to law enforcement. Basically, the government can FREEZE and BURN anyone’s coins!”

Paxos, however, explained to us that this is incorrect and stated that:

“We launched Paxos Standard as the first regulated stablecoin (and also the first regulated digital asset of any kind). Paxos has always been compliant as a core principle. We believe that there is a healthy market – especially amongst institutional investors who are also regulated and can only work with financial institutions like ours – who prefer to work with regulated and compliant entities and want the protection and stability of the government. We have always been clear that this is our approach.

In the initial announcement about approval from our regulator, the New York State Department of Financial Services, they clearly stated that we were approved based on stringent requirements that we implement, monitor and update controls to prevent Paxos Standard from being used in connection with money laundering, terrorist financing or other illegal activities.

The legal documentation for the product clearly states that “We may freeze, temporarily or permanently, your use of, and access to, PAX or the US dollars backing your PAX, with or without advance notice, if we are required to do so by law, including by court order or other legal processes.””

Binance Adds Stablecoin Paxos (PAX) was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

295 +