Binance to continue supporting $BUSD despite issuer Paxos being ordered to cease new mints, says cz_binance.
According to Zhao, Paxos will continue to service BUSD and manage redemptions and has also made assurances of its reserves which have been audited by multiple parties. As a result of the enforcement action, the Binance CEO said that BUSD market cap will decrease over time and the exchange will explore non-USD based stablecoins.
Zhao also said that Binance will continue to support the stablecoin on its exchange, while acknowledging that users may well migrate to other stablecoin tokens as a result of the enforcement action.This will also see Binance consider ‘product adjustments’, with a move away from using BUSD as its main trading pair for numerous tokens available across the exchange.
“"IF" BUSD is ruled as a security by the courts, it will have profound impacts on how the crypto industry will develop in the jurisdictions where it is ruled as such.” Zhao also noted that ongoing regulatory uncertainty in certain markets will necessitate reviews of other projects in given jurisdictions ‘to ensure our users are insulated from any undue harm.’
American regulators have had a number of cryptocurrency service providers and tokens in its crosshairs in recent years. Ripple is still in an
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Paxos to stop minting BUSD stablecoins for BinancePaxos customers will be able to redeem their funds in USD and convert their BUSD tokens to another Paxos-issued stablecoin, Pax Dollar.
Read more »
Breaking: Paxos to face SEC lawsuit over Binance USD — ReportThe Securities and Exchange Commission has alleged that Binance USD is an unregistered security, and is planning to sue Paxos over the issuing or listing of the coin.
Read more »
Breaking: Paxos facing SEC lawsuit over Binance USD — ReportThe Securities and Exchange Commission reportedly plans to sue Paxos over its issuance of Binance USD, alleging that the stablecoin is an unregistered security.
Read more »
Breaking: Paxos reportedly ordered to stop issuing Binance USDNew York-based blockchain company Paxos Trust Co. is ordered to stop issuing Binance USD, or BUSD, by regulators —shortly after a lawsuit threat by SEC.
Read more »