US SEC may take action against Binance stablecoin backer Paxos

US SEC may take action against Binance stablecoin backer Paxos

FILE PHOTO: Binance logo and stock graph are displayed in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

The firm behind Binance‘s stablecoin, Paxos Trust Company, said the U.S. Securities and Exchange Commission (SEC) has told the company it should have registered the product as a security and is considering taking action against the platform.