Binance’s Chief Executive Officer Changpeng “CZ” Zhao distanced himself from the Binance-branded stablecoin BUSD, after regulatory action caused minting to cease.
On Monday, BUSD issuer Paxos said it would stop minting new tokens following a request from the New York Department of Financial Services (NYDFS), but denied regulators’ claims the cryptocurrency, pegged to the value of the U.S. dollar, constituted an unregistered security.
“BUSD is not issued by Binance,” CZ said at a Twitter Spaces on Tuesday. “We have an agreement to let them [Paxos] use our brand, but that's not something that we created.”
“With BUSD gone, BUSD slowly winding down over time, we will will continue to work with more stablecoin issuers or creators,” CZ added, citing existing support for other stablecoins such as USD Coin (USDC) and Tether (USDT).
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