{"id":375520,"date":"2023-02-14T23:39:40","date_gmt":"2023-02-15T04:39:40","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=375520"},"modified":"2023-02-14T23:39:40","modified_gmt":"2023-02-15T04:39:40","slug":"new-york-department-of-financial-services-orders-paxos-to-stop-busd-stablecoin-creation","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/new-york-department-of-financial-services-orders-paxos-to-stop-busd-stablecoin-creation","title":{"rendered":"New York Department of Financial Services orders Paxos to stop BUSD stablecoin creation"},"content":{"rendered":"<p>Recently, rumors emerged that Paxos Trust, a regulated company that created the Binance USD (BUSD) stablecoin, received a notification from the US SEC that it is about to receive a lawsuit. The notice, known as Wells Notice, grants the receiver a 30-day period to build up a case and respond to the regulator with an explanation that would explain why the lawsuit should be dropped.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The SEC has labelled BUSD as an &ldquo;unregistered security&rdquo;, and is suing its issuer, Paxos. <\/p>\n<p>But how on earth is a STABLECOIN considered a security, when it clearly doesn&rsquo;t meet the Howey Test criteria. <\/p>\n<p>No one has ever had &ldquo;the expectation of profit&rdquo; when buying <a href=\"https:\/\/twitter.com\/search?q=%24BUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BUSD<\/a>. <a href=\"https:\/\/t.co\/QXOlDUyvc3\">pic.twitter.com\/QXOlDUyvc3<\/a><\/p>\n<p>&mdash; Miles Deutscher (@milesdeutscher) <a href=\"https:\/\/twitter.com\/milesdeutscher\/status\/1624953792872718336?ref_src=twsrc%5Etfw\">February 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, less than 24 hours after the rumors emerged, another regulator &mdash; the New York Department of Financial Services (DFS) &mdash; got involved, ordering Paxos to immediately stop issuing new BUSD.<\/p>\n<h2>Binance USD reacts to the news<\/h2>\n<p>Binance USD is the third-largest stablecoin in the crypto industry, and whale Paxos Trust &mdash; a regulated crypto company &mdash; received permission from Binance to use its brand for the issuance and distribution of BUSD tokens, it is still Paxos-owned and issued token. The token itself is USD-pegged and backed, and it has been in circulation since 2019. Not only that, but Binance stated that the stablecoin was approved by New York&rsquo;s financial regulator at the time.<\/p>\n<p>Following the recent news involving not one but two regulatory bodies, BUSD price slightly strayed from the dollar peg, dropping to $0.98, which came as a signal that traders are converting their tokens into a different stablecoin &mdash; BUSD rival, Tether.<\/p>\n<p>Binance&rsquo;s native cryptocurrency, BNB, also saw a price drop this Monday, going down by over 10%. Clara Medalie, research director at crypto data firm, Kaiko, stated that &ldquo;Traders holding BUSD are looking for the quickest way to exit.&rdquo; Meanwhile, since Binance lists both its own stablecoin and Tether, it was fairly easy for the users to exchange BUSD for USDT.<\/p>\n<p>Medalie also added that the move has taken out one of the major USDT competitors, further solidifying the largest stablecoin&rsquo;s position.<\/p>\n<h2>Stablecoins became a crucial part of the crypto industry<\/h2>\n<p>Companies like Paxos found safety and security in stablecoins, as they became a highly popular type of crypto in the last several years. Thanks to their USD peg and backing, stablecoins are immune to crypto volatility. As a result, holding them allows crypto users to continue holding cryptocurrencies, but they eliminate the risk of having their funds devalued in price drops.<\/p>\n<p>This has served the community well during bearish periods and even the last two crypto winters. Since it sometimes takes a while to exchange crypto for cash, the safest way to hold the coins is in the form of stablecoins, which allows firms like Paxos a steady source of business and activity.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&ldquo;DFS has ordered Paxos to cease minting Paxos-issued BUSD as a result of several unresolved issues related to Paxos&rsquo; oversight of its relationship with Binance through Paxos-issued BUSD.&rdquo;  <a href=\"https:\/\/t.co\/oV3sn6TvDc\">https:\/\/t.co\/oV3sn6TvDc<\/a><\/p>\n<p>&mdash; Muyao (@MuyaoShen) <a href=\"https:\/\/twitter.com\/MuyaoShen\/status\/1625124180973834246?ref_src=twsrc%5Etfw\">February 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, according to the DFS, Paxos failed to conduct periodic risk assessments and due diligence of Binance and BUSD holders. A person familiar with the matter stated that this is what caused the regulator to issue the order. Paxos <a href=\"https:\/\/paxos.com\/2023\/02\/13\/paxos-will-halt-minting-new-busd-tokens\/\">responded <\/a>that it would stop issuing BUSD on February 21st and that the move would mark the end of its relationship with Binance.<\/p>\n<h3>Related<\/h3>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/sec-to-sue-paxos-for-issuing-binance-usd-coin\">SEC to Sue Paxos for Issuing Binance USD Coin<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/paxos-to-suspend-busd-minting-and-sever-ties-with-binance-busd\">Paxos To Suspend BUSD Minting And Sever Ties With Binance USD<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/us-sec-allegedly-notified-paxos-of-an-upcoming-lawsuit-tied-to-binance-usd-busd\">US SEC allegedly notified Paxos of an upcoming lawsuit tied to Binance USD (BUSD)<\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div 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