Regulatory · February 13, 2023
NYDFS orders Paxos to stop minting BUSD as SEC issues Wells notice
Price at event
$21,788
Today
$73,594
Since then
×3.4
On February 13, 2023, New York's Department of Financial Services ordered Paxos to cease minting Binance USD, and Paxos disclosed it had received an SEC Wells notice alleging BUSD was an unregistered security. The one-two punch wound down what was then the world's third-largest stablecoin (roughly $16 billion) and signaled that U.S. regulators were prepared to treat at least some stablecoins as securities.
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