The United States SEC on February 13 issued a Wells Notice to Paxos Trust Company, alleging that its Binance USD stablecoin (BUSD) was operating as an unregistered security. The NYDFS ordered Paxos to cease issuing BUSD on the same day.
On February 13, 2023, the United States Securities & Exchange Commission (SEC) issued a Wells Notice to the Paxos Trust Company, alleging that its Binance USD stablecoin (BUSD) was operating as an unregistered security. On the same day, the New York Department of Financial Services (NYDFS) ordered Paxos to halt the issuance of BUSD.
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