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Paxos in Constructive Discussions with SEC on BUSD Long-Term Prosperity, Cuts Ties with Binance
Paxos Trust Company, a New York-based financial institution and technology company specializing in blockchain, has informed its employees that it is in constructive discussions with the United States Securities and Exchange Commission (SEC) on the possible reopening of BUSD. Paxos has, however, indicated that it would defend its BUSD stablecoins position if need be.
Notably, Paxos halted the minting of new BUSD stablecoins yesterday after the directive ordered by the New York Department of Financial Services (NYDFS) to halt its services. The company has facilitated the redemptions of about $2.8B in BUSD since halting new mints on February 21.
“We look forward to continuing that dialogue in private. Of course, if necessary, we will defend our position in litigation,” CEO Charles Cascarilla said in an email to employees.
The CEO further noted that the company will continue supp
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