:The firm behind Binance's stablecoin, Paxos Trust Company, is in discussions with the U.S. Securities and Exchange Commission after the regulator told the company it should have registered the token as a security, according to an internal email from Paxos' chief executive officer. 'We are engaged in construc
:The firm behind Binance's stablecoin, Paxos Trust Company, is in discussions with the U.S. Securities and Exchange Commission after the regulator told the company it should have registered the token as a security, according to an internal email from Paxos' chief executive officer.
He added that if necessary, Paxos would defend its position that Binance USD is not a security through litigation.The New York Department of Financial Services said in a consumer alert on Feb. 13 that it had ordered Paxos to stop minting Binance USD, the third biggest stablecoin with about $16 billion in circulation.
Cascarilla said the company's decision to end its relationship with Binance was separate from the NYDFS directive and the communication it has had with the SEC over Binance USD.
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