Binance Doesn't Care About You Coinbase Cares About You

Binance branded stable coin BU SD was reportedly authorized and regulated by the New York State Department of financial services Paxos partnered with crypto exchange Binance in 2019 and launched the stable coin which received approval from NYDFs. The US Securities and Exchange Commission commissioned issued a Wells Notice to Paxos on February 12th alleging that BU SD is an unregistered security. One day later the NYDFs ordered Paxos to stop minting new BU SD citing specific unresolved issues around Paxos's oversight of its relationship with Binance regarding BU SD. Poxos then decided to cut ties with Binance due to regulatory scrutiny saying they are working with the SEC to resolve the issue constructively  Coin