Binance’s Stablecoin Partner Paxos Probed by New York Regulator
- Paxos issues Binance-branded stablecoin and its own USDP token
- Scope of the investigation into the company remains unclear
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Paxos Trust Co., issuer of a Binance-branded token that ranks as the third-largest stablecoin, is being investigated in the US in the latest regulatory escalation to hit the cryptocurrency sector.
The New York State Department of Financial Services has recently begun probing Paxos, a person familiar with the matter said, asking not be identified discussing private information. The exact scope of the investigation is unclear.