By Tom Wilson and Elizabeth Howcroft
New York’s chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token, Paxos said in a statement on Monday.
The Binance USD (BUSD) stablecoin, one of the world’s biggest, is issued and redeemed by New York-based Paxos Trust Company, both of which are regulated by the New York Department of Financial Services.
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