{"id":551273,"date":"2023-02-13T14:25:43","date_gmt":"2023-02-13T11:25:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paxos-to-stop-minting-busd-stablecoins-for-binance\/"},"modified":"2023-02-13T14:25:43","modified_gmt":"2023-02-13T11:25:43","slug":"paxos-to-stop-minting-busd-stablecoins-for-binance","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paxos-to-stop-minting-busd-stablecoins-for-binance\/","title":{"rendered":"# Paxos to stop minting BUSD stablecoins for Binance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a291459d48bf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a291459d48bf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/paxos-to-stop-minting-busd-stablecoins-for-binance\/#%E2%80%9D_Paxos_to_stop_minting_BUSD_stablecoins_for_Binance_%E2%80%9C\" >&#8221; Paxos to stop minting BUSD stablecoins for Binance &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Paxos_to_stop_minting_BUSD_stablecoins_for_Binance_%E2%80%9C\"><\/span>&#8221; Paxos to stop minting BUSD stablecoins for Binance &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNDczMjFjYjMtMWY4Ny00Zjc0LWFiNzUtZTRmOTdjOThjZTJhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>Blockchain infrastructure platform Paxos will halt issuance of new BUSD (BUSD) stablecoins amid the ongoing probe by the New York regulators.<\/p>\n<p>Paxos officially <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/paxos-will-halt-minting-new-busd-tokens-301744964.html\">announced<\/a> on Feb. 13 that the firm will end its relationship with Binance for the branded USD-pegged stablecoin BUSD.<\/p>\n<p>Starting from Feb. 21, Paxos will stop minting new BUSD tokens, in accordance with directions and coordination with the New York Department of Financial Services (NYDFS).<\/p>\n<p>Paxos emphasized that all existing BUSD tokens will remain fully-backed and redeemable through Paxos Trust Company through \u201cat least February 2024.\u201d Customers will be able to redeem their funds in USD and convert their BUSD tokens to another Paxos-issued stablecoin, Pax Dollar (USDP), the firm stated, adding:<\/p>\n<blockquote><p>\u201cThis action does not impact our ability to continue serving new or existing customers, our continued dedication to grow our staff or fund our business objectives. Paxos remains committed to becoming the global leader in the blockchain tokenization infrastructure [&#8230;]\u201d<\/p><\/blockquote>\n<p>Paxos also noted that Paxos Trust is a regulated institution overseen by the NYDFS and audited by a top-four accounting firm, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/paxos.com\/busd-transparency\/\">referring<\/a> to public transparency reports. The firm will continue to maintain its strong regulatory capital to operate USDP as well as its gold-backed stablecoin Pax Gold (PAXG).<\/p>\n<p class=\"post-content__disclaimer\">This is a developing story, and further information will be added as it becomes available.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/paxos-to-stop-minting-busd-stablecoins-for-binance\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Paxos to stop minting BUSD stablecoins for Binance &#8220; Blockchain infrastructure platform Paxos will halt issuance of new BUSD (BUSD) stablecoins amid the ongoing probe by the New York regulators. Paxos officially announced on Feb. 13 that the firm will end its relationship with Binance for the branded USD-pegged stablecoin BUSD. Starting from Feb&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":551274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/47321cb3-1f87-4f74-ab75-e4f97c98ce2a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74863,76605,75493,117,70934],"class_list":["post-551273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-cryptocurrencies","tag-paxos","tag-stablecoin","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=551273"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/551274"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=551273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=551273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=551273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}