The company may also face a lawsuit from the SEC over the token.
Paxos confirmed that it’s complying with the NYDFS order, noting that while it will stop issuing new BUSD tokens starting on February 21st, the stablecoin will remain “fully supported” and “redeemable” by Paxos through “at least” February 2024.
Meanwhile, new and existing Paxos customers can convert their BUSD tokens to Pax Dollar , another dollar-backed stablecoin issued by Paxos. Binance will also support BUSD for “the foreseeable future,”obtained from CryptoQuant and Coinglass, stablecoin withdrawals on Binance grew to around $183.8 million after 8AM ET on Monday, while withdrawals across the entire exchange ballooned to $462 million within the past 24 hours.
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