Paxos ordered to cease minting Binance stablecoin by New York regulator

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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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