Paxos ordered to cease minting Binance stablecoin by New York regulator

Key Factors

New York point out regulators requested Paxos to halt minting new Binance USD tokens, Binance CEO Changpeng Zhao mentioned on Twitter.
The Ethereum-created BUSD tokens are backed by some $16 billion worth of Treasurys and repos.
The regulator explained it issued the get Monday “as a final result of a number of unresolved challenges linked to Paxos’ oversight of its connection with Binance.”

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