Here is when Paxos will set the character of Binance USD (BUSD)
Here is when Paxos will set the character of Binance USD (BUSD)
The blockchain infrastructure platform-Paxos Trust Company-based in the USA-will set the issue of new StableCoins (Busd) from Binance from February 21.
Nevertheless, the company said that it had a "strong company balance" and promised to continue to look after new and existing customers.
termination of the relationship with bony
As ordered by the New York State Department of Financial Services (NYDFS), Paxos will set the form of new Busd token next week (February 21). However, the company will continue to manage busd-dollar reserves and ensure that all stable coins $ 1: 1 are covered with US dollars and are “always covered” and are held on the remote remote accounts.
Paxos will continue to support Busd until at least February 2024. Customers have the option of paying out their stocks in US dollars or exchanging them in Pax Dollar (USDP)-another stable coin that is issued by the company and coupled to the Greenback.
It assured that the regulatory measures of his balance sheet, its long-term goals or his ability to serve customers are not harmful:
"Paxos continues to have a strong regulatory capital for the protection of customers and a strong company balance to support our long-term business goals. This measure has no influence on our ability to continue to serve new or existing customers, our continued commitment to the expansion of our staff or the financing of our business goals."
Changpeng Zhao (CZ)-CEO von binance- called Busd holder should not worry because Paxos manages the return and "completely covers" the reserves in their banks. He also explained that his cryptocurrency exchange should not be involved, since the dispute between the blockchain platform and the US Sec takes place. "Binance will continue to support Busd for the foreseeable future. We predict that users migrate to other stable coins over time. And we will make product adjustments accordingly. For example, move away from the use of Busd as the main couple for retail etc.", added the manager. The NYDFS orders seems to have affected the entire cryptocurrency market with Binance Coin (BNB) is one of those worried. It is currently being traded at around $ 293, or 5 % less than yesterday. The Commission recently initiated an investigation by the leading American cryptoplatt form of Kraken due to possible violations of the regularly when offering securities as staking services for US users. Shortly afterwards the company ended Such an offer and paid $ 30 million in Degoral, prejudice interest. The procedure used by the SEC against crypto staking in the USA has triggered serious concerns. According to the CEO of Coinbase - Brian Armstrong - this would be a "terrible way" for the leading economy in the world. He also emphasized The advantages of stitching and say that it brings improved security, scalability and reduced CO2 balance sheet.
. The former victim of the Sec