NYDFS and SEC Take Action Against Paxos for Issuance of Binance Stablecoin | Practical Law
The New York Department of Financial Services (NYDFS) ordered Paxos Trust Company to cease minting the Paxos-issued stablecoin Binance USD (BUSD). In addition, the SEC issued a Wells notice to Paxos regarding the offer and sale of BUSD as an unregistered security.