Paxos to stop issuing BUSD due to US investigations

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Hello friends, every day the world of cryptography is affected by bad news and this time it was BUSD's turn since the New York Department of Financial Services (NYDFS) ordered Paxos to stop issuing the prestigious stablecoin.

Recently, CEO Changpeng Zhao in his twitter account points out 8 points about the support that binance will give Paxos, one of those points is that Binance will continue to have BUSD as the main currency of the platform but he affirms that little by little the use of BUSD will decrease.

@Ksafe14 highlighted in the comments the following **"In the event that we are facing a crackdown on stablecoins, could we see Binance migrate to become a fully Bitcoin-denominated exchange? Is that scenario practical?" ** Before BUSD or USDT existed, all cryptocurrencies were only traded with bitcoin, so if all stablecoins were to be regulated, we would be going back to the old school where bitcoin would be the one that would drag all the currencies down or up, something that it made many investors afraid to invest.

The stablecoin is a safe way to have our money safe from any market crash if they regulated all the stablecoins and in the future the big investors had those stablecoins leveraged then we would have to have our money in other cryptocurrencies with the risk of losing money when the market crash.

Returning to the paxos topic, I create a statement that says the following Paxos will stop minting new BUSD tokens Despite the fact that the currency is backed 1:1 with reserves denominated in US dollars, it will stop issuing its token this February 21, but paxos users will continue to operate with this token until February of next year.

Source of the publication

• twitter Binance CZ

• Socio de Binance dejará de emitir BUSD por investigación de EE.UU

• Paxos dejará de acuñar nuevos tokens BUSD

• Understanding BUSD and Binance-Peg BUSD

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