2 years ago
A New York regulator ordered Paxos to halt issuing BUSD, the third-largest stablecoin by marketplace cap.
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The New York Department of Financial Services has reportedly ordered blockchain institution Paxos Trust Co. to halt the issuance of dollar-pegged Binance USD (BUSD) stablecoin.
The New York regulator's actions travel shortlyafter the United States Securities and Exchange Commission issued a Wells Notice to Paxos — a missive the regulator uses to archer companies of planned enforcement action. The announcement alleged that Binance USD is an unregistered security.
The NYDFS has reportedly asked Paxos to halt creating much of its BUSD token. Paxos volition proceed to negociate redemptions of the product, according to a Binance statement.
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