Paxos to stop minting BUSD stablecoins for Binance

Blockchain infrastructure platform Paxos will halt issuance of new BUSD (BUSD) stablecoins amid the ongoing probe by the New York regulators.

Paxos officially announced on Feb. 13 that the firm will end its relationship with Binance for the branded USD-pegged stablecoin BUSD.

Starting from Feb. 21, Paxos will stop minting new BUSD tokens, in accordance with directions and coordination with the New York Department of Financial Services (NYDFS).

Paxos emphasized that all existing BUSD tokens will remain fully-backed and redeemable through Paxos Trust Company through “at least February 2024.” Customers will be able to redeem their funds in USD and convert their BUSD tokens to another Paxos-issued stablecoin, Pax Dollar (USDP), the firm stated, adding:

“This action does not impact our ability to continue serving new or existing customers, our continued dedication to grow our staff or fund our business objectives. Paxos remains committed to becoming the global leader in the blockchain tokenization infrastructure […]”

Paxos also noted that Paxos Trust is a regulated institution overseen by the NYDFS and audited by a top-four accounting firm, referring to public transparency reports. The firm will continue to maintain its strong regulatory capital to operate USDP as well as its gold-backed stablecoin Pax Gold (PAXG).

This is a developing story, and further information will be added as it becomes available.

All Dutch and English crypto news!

Over two-thirds of the Bitcoin supply has not moved in a year

Key Takeaways Long-term holders continue to sit on their Bitcoin stashes Two-thirds of the supply has not changed hands in the last year, despite rampant volatility and...

Florida Governor Ron DeSantis seeks to ban CBDCs

Key takeaways Florida's governor has proposed a legislature that would prohibit the use of CBDCs. The governor claims that the use of CBDCs would stifle innovations in...

Waarom morgen cruciaal is voor rente, economie en Bitcoin

De Amerikaanse centrale bank (Federal Reserve) verhoogde in 2022 agressief de rente om de torenhoge inflatie aan te pakken. Terwijl de inflatie op dit moment...

Coinbase CTO bets Bitcoin to $1M in 90 days, but I’m not sure even he believes it

Key Takeaways Former Coinbase CTO Balaji Srinivasan bet an anonymous Twitter account $1 million that Bitcoin would trade at $1 million or greater in 90 days Srinivasan...

Beste exchanges

Koop je crypto bij Bitvavo