New York’s chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token, Paxos said in a statement on Monday.
The token, which is designed to keep a steady value and is widely used by crypto traders at Binance, is backed by reserves of ordinary cash and U.S. Treasuries, according to Paxos’ website. Binance CEO Changpeng Zhao wrote in a series of Twitter comments: “We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services .”
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