11/21/2023 0 Comments Binance usd theblockThey’re usually pegged to real-world assets such as gold or the US dollar. Stablecoins are digital currencies that are designed to hold steady. “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,” it said.īinance briefly halts US dollar transfersīUSD is one of the world’s most popular stablecoins, with a circulation of 15.8 billion tokens, according to CoinMarketCap. In a statement, the NYDFS told CNN the order was “a result of several unresolved issues related to Paxos’ oversight of its relationship with Binance.” It did not give detail on why the regulator had ordered it to stop issuing BUSD. Paxos also said it would “end its relationship” with Binance, the world’s largest crypto exchange. Paxos has told customers they will be able to redeem their BUSD through February 2024, with options to redeem funds in US dollars or to convert their tokens to Pax Dollar, another stablecoin issued by the company. ![]() The ones already circulating “have and always will be” backed one-to-one with US dollar reserves, it added. The firm said in a statement that it would stop issuing the token on February 21. Paxos, a blockchain company, announced Monday that it had been instructed by the New York State Department of Financial Services (NYDFS) to stop issuing BUSD, a Binance-branded stablecoin pegged to the US dollar. New York’s top financial regulator has ordered a crypto company to stop minting a major stablecoin, widening a clampdown on the embattled digital assets sector.
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