Paxos made a statement after the New York Department of Financial Services (NYDFS) orders for BUSD.
According to the statement from BUSD issuer Paxos, the company will terminate its relationship with Binance and BUSD will continue to be fully supported by Paxos. BUSD at least to February 2024 will be available to customers.
“Paxos, the leading regulated blockchain and tokenization infrastructure platform, has announced that it will terminate its relationship with Binance for BUSD.
Effective February 21, Paxos will cease the issuance of new BUSD tokens as directed and working in close coordination with the New York Department of Financial Services (NYDFS).
Paxos Trust, a regulated institution overseen by NYDFS and overseen by the top four accounting firms, will continue to manage BUSD dollar reserves.
All BUSD tokens issued by the Paxos Trust are backed 1:1 by US dollar reserves and will always be backed.
BUSD will continue to be fully supported by Paxos and will at least to February 2024 will be available to customers until
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