New York state regulators ordered Paxos to stop creating new BUSD stablecoins, Binance CEO Changpeng Zhao said Monday.
) stablecoins under the direction of New York state's financial regulator, Binance founder Changpeng Zhao said Monday. Paxos' own stablecoin was not impacted."as a result of several unresolved issues related to Paxos' oversight of its relationship with Binance," the regulator said Monday in a consumer alert.
"Effective February 21, Paxos will cease issuance of new BUSD tokens as directed by and working in close coordination with the New York Department of Financial Services," Paxos said in a statement, adding that it would "end its relationship with Binance for the branded stablecoin BUSD."Paxos' BUSD product is built on the Ethereum blockchain and backed one-to-one by U.S.
"The Department has not authorized Binance-Peg BUSD on any blockchain, and Binance-Peg BUSD is not issued by Paxos," NYDFS said.
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