Paxos is in talks with U.S. Securities and Exchange Commission over Binance USD
The Chief Executive Officer at Paxos, Charles Cascarilla, is engaging with the U.S. Securities and Exchange Commission over the recent issues relating to the stablecoin.
The company argues the stablecoin is not a threat to security, and would defend itself in court.
Nearly three billion Binance USD stablecoins have been taken out of the market since the announcement was made last week.
In a leaked email, Mr Cascarilla told Paxos employees “we are engaged in constructive discussions with the SEC, and we look forward to continuing that dialogue in private.”
The New York Department of Financial Services ordered Paxos to stop minting Binance USD.
It is the third biggest stablecoin with around $16 billion in circulation.
