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Crypto firm Paxos ordered to stop issuing Binance stablecoin

A coin is set aflame to reveal a digital wireframe underneath.
Illustration by Alex Castro / The Verge

New York regulators have ordered the cryptocurrency firm Paxos to stop issuing Binance USD (BUSD) — the third largest stablecoin by market cap and pegged to the US dollar — over concerns that it can’t “safely” issue the token, as reported earlier by Reuters and The Wall Street Journal.

This comes as Paxos faces a potential lawsuit from the Securities and Exchange Commission (SEC) over the BUSD token. Sources close to the situation tell The Wall Street Journal that the agency is planning to sue the company “for violating investor protection laws.” The SEC reportedly sent a Wells Notice to Paxos — or a letter that the regulator uses to inform a company or individual of potential violations and enforcement actions.

In a notice posted to the…

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