NFT Collection The Superlative Secret Society Price, Stats, and Review
FLOKI confirms a ‘double-top’ pattern: Is it the right time to buy?
Crypto Prices Today December 22: BTC Below $97K, SOL Drops 7%, WIF Falls 13%
Whales accumulate millions in this altcoin expected to lead Solana and XRP In 2025
Rollblock vs Dogecoin vs Cardano: A quest for crypto with higher growth potential in 2025
Analyst says buying this altcoin at $0.15 could be as profitable as buying ETH at $0.66
XRP Holds Key Demand Level – Whale Activity Suggests Strength
Cardano struggles but Hoskinson says 2025 will be ADA’s year, new rival eyes 12,029% rise
Record-Breaking $1.24 Billion USDC Inflow Hits Spot Exchanges – What This Means For Bitcoin
Is It Too Late to Buy Bitcoin? Robert Kiyosaki Says No—Warns of Looming Financial Crash
Dogecoin Price Above $10: Historical Data Shows How High DOGE Will Go This Bull Cycle
Why Ethereum’s road back to $3.7K depends on THIS accumulation metric
ASIC Targets Binance Australia Over Landmark Case In Crypto Regulation
Ripple, Coinbase, Kraken Bet Big on Pro-Crypto Trump, Paving the Way for Crypto’s Bright Future
XRP whales buy the dip – Analyzing impact on price action
Bouncing Lows, Mining Woes, and Fartcoin Highs
Why DOGE to $0.50 again is not as easy as you may think
XRP Price Crash To $2 Marks End Of Bearish 2nd Wave – Factors To Drive Bullish 3rd Wave
Bitcoin’s Future in Focus: 4 Economic Variables for 2025
Records of Nearly 1,000,000,000 Americans Exposed As Massive Data Breach Reveals Names, Phone Numbers, Medical Conditions, Social Security Numbers and More
10 companies launch Bitcoin treasuries, but not Microsoft: Here are the risks, benefits
UAE’s Bitcoin Holdings Soar To $40 Billion As Bull Season Continues
UAE Interior Ministry and FSRA Partner to Combat Virtual Assets-Related Crime
Investor Anthony Pompliano Says 2025 Will Be a ‘Great Year’ for Bitcoin – Here Are His Reasons
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.
