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Crypto Firm Paxos To Stop Issuing Dollar-Pegged Binance Token

New York regulators directed a crypto company to stop issuing one of the largest dollar-pegged cryptocurrencies, as a government clampdown on the sector widens.

The New York Department of Financial Services ordered Paxos Trust Co., which issues and lists Binance’s dollar-pegged cryptocurrency, to stop creating more of its BUSD token, Binance said in a statement. Paxos will continue to manage redemptions of the product, the giant crypto exchange added.

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BUSD BUSD $1.00
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