The Latest Front in the Crypto Wars Is Binance-Paxos and BUSD
The Breakdown
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Paxos vs Binance - What's the Deal?
Paxos announced it will halt minting new BUSD tokens effective February 21st. New York Department of Financial Services ordered Paxos to cease minting the currency. There is currently no restriction on the listing or exchange in New York of existing Paxos-issued BUSD by DFS-licensed entities. Circle alerted NYDFS last year when its own team had surfaced issues around support for USDC and auto-converting crypto reserves into U.S. dollar denominated ones. It's supposed to be backed one-to-one with a reserve of Ethereum BUSD custody by Binance, but remember that Sablecoin's reserves had been at times under collateralized by more than
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