NFT Collection The Superlative Secret Society Price, Stats, and Review
MELANIA Hit $13—Now BTFD Coin’s 8,900% ROI Potential and Final Presale Countdown Are Grabbing Every Trader’s Attention
Pi Coin Crash Sparks Debate Over Core Team’s Transparency
AUSTRAC Fines Crypto Exchange Cointree for Reporting Failures
From Presale Strength to Payment Disruption—Qubetics Joins Stellar and Solana as Best Cryptos with 1000x Potential
Analysts Reveal Bold Bitcoin Price Prediction Amid Market Strength
Chainlink’s sell-off begins: Will retail hold the line this time?
Dogecoin Price Rejection From $0.24-$0.25 Supply Zone Shows Bears Are Taking Over
XRP Price Braces For Rebound As BitMEX Teases Market-Moving Announcement
Chainlink In The Mist — A $15.85 Reversal May Clear The Path
Altcoins Quietly Leave Binance – Is Accumulation Heating Up?
Top Crypto Gainers For 2025: BlockDAG, Toncoin, Bittensor, & Near Protocol
PENGU slips 9%, turns high-risk: Can buyers defend Pudgy Penguins once again?
Official Melania Price Prediction: MELANIA Slides to $0.3460 While Troller Cat Climbs with 4,453% ROI and 69% APY Staking
Ethereum’s Price Explodes 97%, Hits $2,743 – Here’s The Next Target
Golden Ratio Multiplier Called Bitcoin Top In 2021 – Here’s What It’s Saying Now
Russia’s EAEU Trade Reaches 93% De-Dollarization in Blow to US Dollar Dominance
Whales Dive Into PEPE Despite Market Slump – What Are They Seeing?
Shiba Inu (SHIB) Price Chart Signals Rally, Avalanche Turns Bullish, While BlockDAG’s $0.0020 Entry Nears Deadline
Arthur Hayes: Bitcoin to Hit $1M Amid Capital Flight, US Treasuries Crash
Could XRP Be the Next Big Crypto Play? Dave Portnoy Weighs In
Dogecoin Moves Into Demand Zone After 10% Fallout – Is A Bounce Coming?
Bitcoin’s $10,000 Stairway: Chart Signals March Toward $115,000
Chainlink Price Rallies, SUI Ecosystem Hits $2B, But BlockDAG’s $0.0020 Price & Dual Audits Take the Spotlight
Robert Kiyosaki’s Bitcoin Advice: ‘Buy More, Do Not Sell’—BTC to Hit $250K This Year
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.