Powerful New York Regulator Targeting Top Stablecoin – Binance Confirms Paxos Will No Longer Mint BUSD
February 14, 2023 8575 by adminA strong regulator has marked Paxos, the company's New York-based login password company, to stop forging relatively stable Binance dollars.
Zhao Changpeng, BinanceCEO, said that the New York City Financial Services Center (NYDFS) ordered Paxos to sell and operate stable coins in collaboration with Binance.
->Paxos will also continue to redeem stable coins, which are designed to be linked to the US dollar, Zhao said.
Paxos will also continue to provide assistance for this product and manage the method of redemption.
Parksos also assured everyone that the asset was safe and completely covered by their bank reserves, which had been audited several times by various financial audit firms.
On Monday, the Foreign Securities and Exchange Commission plans to file a lawsuit. Parksos reports surfaced, but it has not been confirmed.
'He has no judgment on this issue, but I firmly believe that such a massive prosecution may bring a demarcation point to the industry all the time, 'Mr. Zhao said.
"if the US dollar is ruled as a securities by the public security organs, it will have a profound impact on how the login password field is determined to be the development (or non-development trend) of securities jurisdictions.
Binance will continue to support the Australian dollar in the foreseeable future. We really foresee that over time, users will move to other stable version numbers. We will also make corresponding product adjustments. For example, abandoning the use of US dollars as an important foreign exchange currency for trading, these.
Due to the continuing regulatory variability in some markets, we are going to check many projects in this jurisdiction to protect our own customers from all unnecessary harm. "
The Binance dollar is the third most stable asset on the market and the seventh largest encryption asset available, with a total market capitalization of $16.1 billion at the time of issue.
