Charles Cascarilla, Co-founder and CEO of Paxos

Cascarilla began working in the financial sector in 1999 as an analyst for Bank of America. In 2000, he spent a brief time working as a financial analyst for Goldman Sachs. Since then, he has also collaborated with a number of other illustrious organizations, such as the Association for Digital Asset Markets, Liberty City Ventures, Claiborne Capital Management, and Cedar Hill Capital Partners.

2023

Due to “multiple outstanding concerns regarding Paxos’ supervision of its association with Binance,” the Department of Financial Services (DFS) ordered Paxos to stop minting BUSD in February 2023. The notification came after the SEC found that Paxos had broken securities laws during its inquiry into the company’s connection with Binance, whose stablecoin it had issued. Cascarilla retorted that BUSD did not satisfy the requirements to be regarded as a security.

2022

Paxos, led by Cascarilla, has made some significant strides in 2022, including the selection of Ben Gray as global general counsel. Gray formerly worked for Jack Dorsey’s Block for six years. Paxos has improved the range of products it offers. The business said on February 3 that it would be adding support for a few well-known cryptocurrencies, including AAVE, LINK, UNI, and MATIC.

In the past, Cascarilla has been outspoken against the development and spread of stablecoins. He has fought for their regulation and the creation of a digital currency issued by the US central bank that is comparable to the digital yuan used by China. He is anticipated to continue this campaign in 2022, and Paxos is likely to close more partnerships as it broadens the services it offers related to blockchain technology.

Latest news about Charles Cascarilla

• Crypto.com has partnered with PayPal and Paxos to expand its crypto offerings, integrating PayPal USD (PYUSD) into its platform for retail and institutional users. The alliance aims to position Crypto.com as a preferred exchange platform for PYUSD, offering deep liquidity for trading pairs.
• PayPal stablecoin issuer Paxos Trust Company can freeze users’ funds and transactions in case of a serious security threat. The stablecoin can suspend authorization and transfer functions, seize or freeze funds and assets belonging to criminal parties, and initiate freezing and unfreezing of accounts. PayPal announced the launch of its stablecoin on August 7, built as an ERC-20 token on the Ethereum blockchain. Eligible US-based users can transfer PYUSD between PayPal and external wallets, send person-to-person payments, convert cryptocurrencies, and fund purchases.