Importants of BUSD and Paxos in this article

• The Binance stablecoin will still be accepted by cryptocurrency exchange Binance despite the fact that American regulators have issued a stop order for Paxos Trust Corporation, the stablecoin’s issuer.
• Notwithstanding the anticipated regulatory action, Changpeng “CZ” Zhao, CEO of Binance, has made an attempt to reassure users that their funds are safe. In a thread on Twitter on February 13, Zhao claimed that BUSD is “wholly owned and controlled by Paxos” and that Paxos is subject to NYDFS regulation.
• Zhao stated that Binance would continue to support the stablecoin on its platform despite acknowledging that users might migrate to rival stablecoin tokens as a result of the enforcement action.

The Binance stablecoin will still be accepted by cryptocurrency exchange Binance despite the fact that American regulators have issued a stop order for Paxos Trust Corporation, the stablecoin’s issuer.

عکس

The blockchain company Paxos has been ordered by the New York Department of Financial Services (NYDFS) to stop producing the BUSD stablecoin, which is linked to the dollar. Also, Paxos received a wells notice from the US Securities and Exchange Commission (SEC) informing them that BUSD is an unregistered security.

Notwithstanding the anticipated regulatory action, Changpeng “CZ” Zhao, CEO of Binance, has made an attempt to reassure users that their funds are safe. In a thread on Twitter on February 13, Zhao claimed that BUSD is “wholly owned and controlled by Paxos” and that Paxos is subject to NYDFS regulation.

#BUSD. A thread. 1/8

In summary, BUSD is issued and redeemed by Paxos. And funds are #SAFU!

— CZ 🔶 Binance (@cz_binance) February 13, 2023

Zhao asserts that Paxos will continue managing redemptions and servicing BUSD. Additionally, it offered assurances in relation to its reserves, which were reviewed independently. The enforcement move, according to the CEO of Binance, will cause the BUSD market cap to decrease over time. The exchange will also look at stablecoins that are independent of the US currency.

Zhao stated that Binance would continue to support the stablecoin on its platform despite acknowledging that users might migrate to rival stablecoin tokens as a result of the enforcement action.

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BUSD as primary trading pair for lots of tokens

Binance will also take this into account when making “product changes” after moving away from using BUSD as its main trading pair for the several tokens available throughout the exchange. Moreover, the CEO of Binance cautioned that the SEC’s and the NYDFS’s actions could have a significant impact on how the cryptocurrency ecosystem develops moving forward:

““IF” BUSD is ruled as a security by the courts, it will have profound impacts on how the crypto industry will develop (or not develop) in the jurisdictions where it is ruled as such.”