Paxos has been ordered by the US government to end issuing BUSD stablecoins

After staying sued by the SEC for claiming BUSD was a protection, Paxos was asked by the US government to end issuing stablecoin BUSD.

Paxos has been ordered by the US government to end issuing BUSD stablecoins

As Coinlive reported at dawn on Feb. 13, 2023, the SEC has sued Paxos claiming stablecoin BUSD is a protection. This information promptly baffled the cryptocurrency local community, immediately resulting in the costs of big coins to explode.

In the afternoon of the exact same day, Vietnam time, the newspaper Wall Street Journal The New York Department of Financial Services has reportedly asked Paxos to end issuing BUSD stablecoins in the potential.

This implies that Paxos will no longer be in a position to concern BUSD coins, but will only be in a position to retain the conversion concerning tokens and fiat currencies.

According to on-chain information, the final time BUSD was minted was at dawn on Feb. four Vietnam time, with a worth of somewhere around $209 million. In addition, somewhere around BUSD 123.32 million has been burned because the latter minting.

The price tag of BNB promptly reflected negatively on this information, falling from $316 to as very low as $302 inside minutes.

Binnace BNB/USDT 1H chart at 15:15 on February 13, 2023

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