US financial regulators have shut down further issuance of BUSD, the Binance-branded stablecoin, as a clampdown on the crypto sector gathers momentum.
Paxos, the stablecoin company behind issuance of the token, said on Monday it would end its relationship with the Binance exchange over BUSD, which is used to help traders move more quickly in and out of the crypto market.
The halt to minting BUSD from February 21 was called by the sector’s regulator, the New York Department of Financial Services, and comes as US authorities step up their scrutiny of crypto market practices.
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