After SEC's Wells notice to Paxos alleging BUSD is a security, NYDFS has reportedly asked Paxos to stop the issuance of Binance's stablecoinaltogether.
The New York regulator's actions come shortlyafter the United States Securities and Exchange Commission— a letter the regulator uses to tell companies of planned enforcement action. The notice alleged that Binance USD is an unregistered security.
The NYDFS has reportedly asked Paxos to stop creating more of its BUSD token. Paxos will continue to manage redemptions of the product, according to a Binance statement.
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