The cryptocurrency world is once again facing regulatory pressure, as the New York Department of Financial Services (NYDFS) has ordered Paxos Trust Co. to stop creating more of its Binances dollar-pegged cryptocurrency, BUSD.
Paxos Trust Co. is a leading player in the cryptocurrency market and is responsible for issuing and listing Binances BUSD token. However, the NYDFS has now directed the company to stop creating any further tokens of this cryptocurrency. Despite this, Paxos will still be able to manage redemptions of the product, according to a statement from Binance.
Source:
https://azcoinnews.com/new-york-regulators-crack-down-on-crypto-binances-busd-token-creation-halted.html