$BUSD has appeared in the crosshairs of US regulators
the world's biggest stablecoins, issued and redeemed by the New York-based Paxos Trust Company, both of which are subject to regulation by the New York Department of Financial Services.
The NYDFS statement revealed that Paxos had been instructed to stop creating BUSD due to"unresolved issues" pertaining to its"oversight" of its association with Binance through Paxos-created BUSD.Earlier today, Zhao stated that Binance would support BUSD for the foreseeable future, but the regulator's decision would reduce its market cap.
The clampdown comes amid a wider crackdown on Binance by U.S. regulators, with the Justice Department investigating it for suspected money laundering and sanctions violations.The price of BNB, Binance's native exchange token, is down more than 5% over the past 24 hours.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
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