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Funds Are SAFU and Binance Will Continue To Support BUSD, CZ Says

Cointime Official

The U.S. Securities and Exchange Commission (SEC) intends to sue stablecoin issuer Paxos, and the New York Department of Financial Services ordered Paxos to stop creating more of its BUSD token.

CZ highlighted on twitter that BUSD is issued and redeemed by Paxos and funds are SAFU!

BUSD is a stablecoin wholly owned and managed by Paxos. As a result, BUSD market cap will only decrease over time. Paxos will continue to service the product, and manage redemptions.

Paxos also assured Binance the funds are SAFU, and fully covered by reserves in their banks, with their reserves audited many times by various audit firms already.

Binance will continue to support BUSD for the foreseeable future. Binance do foresee users migrating to other stablecoins over time. And they will make product adjustments accordingly. eg, move away from using BUSD as the main pair for trading, etc.

Related News:

Paxos Will Halt Minting New BUSD Tokens

BUSD Depegs From Rival Stablecoin Tether After US Regulator Tells Paxos to Stop Minting New Tokens

Binance Coin Dumps Below $300 Following News From US Regulators

Crypto Firm Paxos To Stop Issuing Dollar-Pegged Binance Token

SEC To Sue Crypto Trust Co. Paxos Over Binance Stablecoin

Crypto Firm Paxos To Stop Issuing Dollar-Pegged Binance Token

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