.PaxosGlobal will stop minting new BUSD tokens after a report came out that the SECGov is looking at taking possible legal action against the stablecoin issuer. By JamieCrawleyCD.
BUSD is a Binance-branded stablecoin issued and managed by Paxos. Following the news of the SEC's legal action, Binance issued a statement that it would be reviewing projects in uncertain markets where regulatory uncertainty could cause detriments to its users.
The NYDFS said that it had instructed Paxos to cease minting BUSD due to several unresolved issues related to Paxos’ oversight of its relationship with Binance. Paxos said it is ending its relationship with Binance for BUSD. "The Department is monitoring Paxos closely to verify that the company can facilitate redemptions in an orderly fashion subject to enhanced, risk-based, compliance protocols," NYDFS said in a
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