NFT Collection The Superlative Secret Society Price, Stats, and Review
Bitcoin Targeting $120,000 While Altcoins Signal Historic Breakout Potential
Driving Innovation: How Oraichain, Pinlink, and RSS3 Empower Web3 Builders
High-speed oracles disrupting $50B finance data industry — Web3 Exec
Why are memecoins down today? BONK, FLOKI, FARTCOIN in focus
Stablecoin Transactions Surpass $6 Trillion in Q1 2025
Unstaked Rolls Out a $1M Giveaway, ETH Targets $4,570 & Tron Eyes $0.45
$265m crypto scam: New Zealand man caught in FBI-led probe
Can Bitcoin Hit $200K in 2025? Ozak AI’s $1 Target Might Offer Bigger ROI
Robert Kiyosaki Sets Bitcoin Price Target at $250,000, Says ‘Keep HODLing’
Bitcoin Mining Stocks Continue Rally as Applied Digital Leads Friday’s Gains
NFT sales jump 17% to $130.7m, Newcomer collection boasts 470% sales growth
Ethereum Accumulation Accelerates – Smart Money Snaps Up 450K ETH
Cardano Market Structure Says Crash Is Coming, But $0.9 Is Still In The Cards
Best Cryptos to Stake: Troller Cat’s $125K Presale Surges as XRP Fell Over 4%, Dogecoin and Official Trump Hold Strong
Bitcoin Approaches $109k: Short-Term Holder Sentiment Shifts
Architecting Web3’s Future: Intelligence, Infrastructure, and Information Flow
JPMorgan Chase Customer Loses $387,000 in Bank Scam Sparked by a Single Phone Call: Report
Ethereum’s New Proposal Aims to Boost Transaction Speed and Scaling
Tether tightens grip as stablecoin market cap hits $243b
Bitcoin Mining Just Got Tougher as Difficulty Spikes and Hashrate Slips
Judge Denies Joint Bid From Ripple and the SEC To End Their Longstanding Legal Battle Over XRP
Will PEPE Price Rally As Whale Accumulates 1.79 Trillion Coins?
Qubetics Eyes $10 Price, NEAR Expands AI Tools, and Pi Hints at Binance—Top Crypto Gems to Buy Now
Spot Flows and Institutional Interest Fuel Bitcoin’s Bullish Momentum
Paxos terminates relationship with Binance as it halts BUSD issuance
- Paxos has also halted the minting of new BUSD tokens as ordered.
- Existing BUSD will however remain fully-backed and redeemable via Paxos until at least February 2024
- Binance CEO says exchange will continue to support BUSD
Paxos, the blockchain and tokenization platform that also issues the stablecoin Binance USD (BUSD), has announced it is terminating its relationship with global cryptocurrency exchange Binance.
According to a Paxos press release on Monday, the company has ended its partnership with Binance with respect to the branding of the BUSD stablecoin. Today’s announcement means the company won’t continue using the Binance brand for the stablecoin.
As highlighted by CoinJournal, the development comes after the New York Department of Financial Services (NYDFS) directed Paxos to cease issuing new BUSD.
The SEC is also reportedly suing Paxos for issuing unregistered securities, something that has the crypto community questioning how that applies to a stablecoin.
Paxos ceases BUSD issuance
In ending their relationship with Binance, Paxos also announced it will, effective 21 February 2023, stop minting new BUSD tokens as it looks to comply with the NYDFS order.
“Paxos has always prioritized the safety of its customers’ assets. That was true at our founding and remains true today. BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024,” the firm wrote.
Customers who want to exit the stablecoin can choose to redeem their money in US dollars or they can convert BUSD tokens to Paxos’ other stablecoin Pax Dollar (USDP).
On Monday, Binance CEO Changpeng Zhao said that the crypto exchange will continue to support the BUSD token. However, the platform will also look to a new stablecoin, including the option of a non-USD token.
7/ Binance will continue to support BUSD for the foreseeable future. We do foresee users migrating to other stablecoins over time. And we will make product adjustments accordingly. eg, move away from using BUSD as the main pair for trading, etc.
— CZ 🔶 Binance (@cz_binance) February 13, 2023
The negative news around the stablecoin has seen the price of Binance Coin slip as BUSD holders migrated to other stablecoins. BNB price is currently changing hands around $294, nearly 5% down in the past 24 hours.
The post Paxos terminates relationship with Binance as it halts BUSD issuance appeared first on CoinJournal.
