AGL 40.13 Increased By ▲ 0.13 (0.33%)
AIRLINK 131.00 Increased By ▲ 1.47 (1.13%)
BOP 6.86 Increased By ▲ 0.18 (2.69%)
CNERGY 4.51 Decreased By ▼ -0.12 (-2.59%)
DCL 8.84 Decreased By ▼ -0.10 (-1.12%)
DFML 41.70 Increased By ▲ 0.01 (0.02%)
DGKC 83.65 Decreased By ▼ -0.12 (-0.14%)
FCCL 32.84 Increased By ▲ 0.07 (0.21%)
FFBL 76.60 Increased By ▲ 1.13 (1.5%)
FFL 11.83 Increased By ▲ 0.36 (3.14%)
HUBC 110.15 Decreased By ▼ -0.40 (-0.36%)
HUMNL 14.26 Decreased By ▼ -0.30 (-2.06%)
KEL 5.43 Increased By ▲ 0.04 (0.74%)
KOSM 8.15 Decreased By ▼ -0.25 (-2.98%)
MLCF 38.93 Decreased By ▼ -0.86 (-2.16%)
NBP 63.89 Increased By ▲ 3.60 (5.97%)
OGDC 197.00 Decreased By ▼ -2.66 (-1.33%)
PAEL 25.85 Decreased By ▼ -0.80 (-3%)
PIBTL 7.63 Decreased By ▼ -0.03 (-0.39%)
PPL 156.00 Decreased By ▼ -1.92 (-1.22%)
PRL 26.05 Decreased By ▼ -0.68 (-2.54%)
PTC 17.75 Decreased By ▼ -0.71 (-3.85%)
SEARL 81.45 Decreased By ▼ -0.99 (-1.2%)
TELE 8.06 Decreased By ▼ -0.25 (-3.01%)
TOMCL 34.00 Decreased By ▼ -0.51 (-1.48%)
TPLP 8.79 Decreased By ▼ -0.27 (-2.98%)
TREET 16.84 Decreased By ▼ -0.63 (-3.61%)
TRG 57.88 Decreased By ▼ -3.44 (-5.61%)
UNITY 27.70 Increased By ▲ 0.27 (0.98%)
WTL 1.46 Increased By ▲ 0.08 (5.8%)
BR100 10,604 Increased By 196.9 (1.89%)
BR30 31,670 Decreased By -43 (-0.14%)
KSE100 98,782 Increased By 1453.4 (1.49%)
KSE30 30,770 Increased By 577.3 (1.91%)

LONDON: New York’s chief financial regulator has ordered Paxos, the company behind the stablecoin of the Binance cryptocurrency exchange, to stop issuing the token, Binance CEO Changpeng Zhao said in a tweet on Monday.

The Binance USD (BUSD) stablecoin is issued and redeemed by New York-based Paxos, both of which are regulated by the New York Department of Financial Services.

The token, which is designed to keep a steady value and widely used at Binance, is backed by reserves of traditional cash and US Treasuries, according to Paxos’ website.

Binance moved $346mn for seized crypto exchange Bitzlato, data show

“We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services (NYDFS),” Zhao tweeted. “As a result, BUSD market cap will only decrease over time,” he said, adding that Paxos has assured Binance the funds were fully covered by Paxos’ bank reserves.

Paxos and NYFSD did not immediately respond to request for comment sent outside US business hours.

Binance USD is the seventh largest cryptocurrency, with more than $16 billion in circulation, according to market tracker CoinGecko.

Comments

Comments are closed.