TechFlow news: According to community users, stablecoin issuer Paxos has recently sent emails to some users requesting re-verification of KYC information or notifying them of account closures.
In the email, Paxos stated: "Paxos is a regulated financial institution, and the law requires us to have a deeper understanding of our customers in order to maintain accurate and up-to-date records." Additionally, in emails requesting account closures, Paxos said: "We are currently unable to maintain your account because the account information you provided or account activity exceeds our risk tolerance."
Earlier today, news emerged that Paxos may face litigation from the U.S. SEC regarding BUSD.
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