The New York regulator has instructed Paxos to cease the issuance of BUSD

The New York Department of Financial Services (NYDFS) has told blockchain firm Paxos Trust to cease the release of Binance USD stablecoins linked to the dollar.

The New York regulator's actions came swiftly after the US Securities and Exchange Commission sent Paxos a Wells Notice, which is a letter that regulators use to inform companies of planned enforcement actions.

The notice indicated that Binance USD was an unregistered security. Today, NYDFS asked Paxos to stop creating new BUSD tokens. Paxos will continue to oversee the liquidation of this product, as stated in a Binance statement.

Just a week ago, they stated they would take away our staking, now they're taking away our stablecoins, but they will never be able to take away our freedom!