The SEC sets its sights on Paxos, as Yuga Labs donates CryptoPunk #110 to the Centre Pompidou

Published Feb 13, 2023
By Qredo Team

Qredo’s daily briefing gives you the visibility you need of the ever changing world of crypto to help you make the best decisions and reach your financial goals. 

The U.S. Securities and Exchange Commission (SEC) continues its crackdown on the industry as it zeroes in on Paxos Trust Co. this week. The SEC plans to sue the stablecoin issuer for violation of investor protection laws in relation to its Binance USD. The notice alleges that Binance USD is an unregistered security. 

Crypto exchange Huobi Global has announced that it will discontinue the Huobi Cloud Wallet in May as they make strategic adjustments to their product offerings. Maintenance of their multi token wallet will stop today (Feb. 13). Huobi had also announced plans to downsize their workforce 20% at the beginning of the year. If you have a Huobi Cloud Wallet and are looking to move your funds out, you can open a Qredo wallet to enjoy our secure decentralized custody solution. Qredo’s wallet also eliminates threats such as the theft or loss of private keys, removing single points of failure when you store your crypto.

Non-fungible tokens (NFT) have made their way into the world of fine art as the Centre Pompidou, a major French modern art museum, gears up to showcase NFTs from prominent artists this summer as part of an upcoming permanent exhibition. The collection will include CryptoPunk #110 donated by Yuga Labs and Autoglyph #25.

Elsewhere, China has launched a state-backed research facility dedicated to exploring the blockchain’s potential. The facility is based in Beijing and will focus on researching the blockchain’s fundamental theory, software and hardware with the aim to further develop key technologies and applications.

More news and thought leadership from Qredo