Paxos to stop minting BUSD stablecoins for Binance

Blockchain infrastructure level Paxos volition halt issuance of caller BUSD (BUSD) stablecoins amid the ongoing probe by the New York regulators.

Paxos officially announced connected Feb. 13 that the steadfast volition extremity its narration with Binance for the branded USD-pegged stablecoin BUSD.

Starting from Feb. 21, Paxos volition halt minting caller BUSD tokens, successful accordance with directions and coordination with the New York Department of Financial Services (NYDFS).

Paxos emphasized that each existing BUSD tokens volition stay fully-backed and redeemable done Paxos Trust Company done “at slightest February 2024.” Customers volition beryllium capable to redeem their funds successful USD and person their BUSD tokens to different Paxos-issued stablecoin, Pax Dollar (USDP), the steadfast stated, adding:

“This enactment does not interaction our quality to proceed serving caller oregon existing customers, our continued dedication to turn our unit oregon money our concern objectives. Paxos remains committed to becoming the planetary person successful the blockchain tokenization infrastructure [...]”

Paxos besides noted that Paxos Trust is simply a regulated instauration overseen by the NYDFS and audited by a top-four accounting firm, referring to nationalist transparency reports. The steadfast volition proceed to support its beardown regulatory superior to run USDP arsenic good arsenic its gold-backed stablecoin Pax Gold (PAXG).

This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.