The New York Department of Financial Services (NYDFS) has reportedly ordered Paxos Trust Company to cease minting Binance USD stablecoin due to several unresolved issues related to the company’s oversight of its relationship with Binance regarding Paxos-issued BUSD. The action comes shortly after the issuance of wells notice to the company by the US Securities and Exchange Commission (SEC), alleging the stablecoin is an unregistered security. Paxos informed customers of its intent to cease cooperation with Binance for BUSD and pledged to continue to manage redemptions of the stablecoin, which will be closely monitored by the regulator.