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Stablecoin Issuer Paxos Is Being Investigated by New York Regulator

The New York Department of Financial Services (NYDFS) is investigating stablecoin issuer Paxos, CoinDesk has learned.

The full scope of the investigation is unclear. Paxos’ stablecoins include the Pax Dollar (USDP) and Binance USD (BUSD), a Binance-branded stablecoin offered through a white-label service.

A NYDFS spokesperson said the agency could not comment on ongoing investigations.

Paxos has been in the news recently over rumors that the Office of the Comptroller of the Currency – a federal bank regulator – may ask it to withdraw its application for a full banking charter. Paxos has denied these rumors.

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