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Paxos ordered to stop minting Binance stablecoin
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The NYDFS ordered the move “as a result of several unresolved issues related to Paxos’ oversight of its relationship with Binance".In a separate statement, Paxos says it has been notified by the SEC that the watchdog is "considering recommending an action alleging that BUSD is a security and that Paxos should have registered the offering of BUSD under the federal securities laws".The firm says it "categorically disagrees" and that BUSD is not a security under federal laws. "BUSD issued by Paxos is always backed 1:1 with US dollar-denominated reserves, fully segregated and held in bankruptcy remote accounts," the statement continues.
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