If you are currently trading, or planning to trade with Binance USD (BUSD) on the PDAX platform, it is important to be aware of ongoing events that may potentially affect its current market.
It is recommended that you stay up to date with news events related to BUSD and take these into consideration in coming up with trading decisions.
Here are some important developments to be aware of as of March 2, 2023:
- Paxos, the New York-based fintech company which issues BUSD in partnership with Binance, received a Wells Notice from the US Securities and Exchange Commission alleging that BUSD is an unregistered security and warns of possible enforcement action.
- The New York State Department of Financial Services has issued an order for Paxos to stop minting new BUSD tokens effective February 21 and end its partnership with Binance.
- Coinbase, the largest cryptocurrency exchange in the US, has announced that they will delist BUSD after deciding that the token does not meet their listing standards based on their own monitoring and review process, effective March 13.
Please also see:
Paxos Official Statement on Wells Notice:
Department of Financial Services Consumer Notice: https://www.dfs.ny.gov/consumers/alerts/Paxos_and_Binance
Paxos Official Statement on BUSD:
Paxos BUSD Transparency Reports:
Proof of Collateral for Binance-pegged Tokens
(for Binance/BEP-20 issued BUSD)
DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis. The links in this article are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links.