New York regulator orders Binance stablecoin backer to stop issuing token

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By Tom Wilson and Elizabeth Howcroft LONDON (Reuters) -New York’s chief financial regulator said on Monday it has ordered the firm behind Binance’s stablecoin to stop issuing the token after finding it could not do so in a “safe” manner, in a blow to the world’s biggest crypto exchange. The New York Department of Financial Services (NYDFS) said in consumer alert it has ordered Paxos Trust Company to stop minting Binance USD, citing “unresolved issues” in Paxos’ oversight of its relationship with Binance. An NYDFS spokesperson later told Reuters via email that Paxos violated its obligations for…

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