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Paxos responded by issuing a statement early Monday morning saying the company plans to “end its relationship with Binance” for BUSD. “We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services ,” he wrote. “As a result, BUSD market cap will only decrease over time.” He reiterated Paxos’ assertion that they would continue to service BUSD, and that the stablecoin is fully covered by audited reserves.
CZ added that if BUSD is ruled a security “it will have profound impacts on how the crypto industry will develop in the jurisdictions where it is ruled as such.” He said he expected users to migrate to other stablecoins over time, and that Binance will “make product adjustments accordingly. eg, move away from using BUSD as the main pair for trading, etc.”
Source: News Formal (newsformal.com)
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