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A strong regulatory authority has specifically instructed Paxos, the encryption company headquartered in New York, to stop forging the stable currency Binance USD (BUSD).

Zhao Changpeng, CEO of Binance, said that the New York City Financial Industry Service Center (NYDFS) ordered the production and manufacturing of Paxos frozen cleaning, and Paxos and Binance cooperated to sell and operate stable coins.

Zhao said that Paxos will continue to redeem the Malaysian currency, which is committed to linking with the US dollar.

Paxos will also continue to provide assistance for this product and manage the method of redemption.

Paxos also assured everyone that this asset is very safe and completely covered by the bank's reserves. His reserves have been audited many times by several financial audit companies. "

On Monday, the report that the Foreign Securities and Exchange Commission plans to file a lawsuit Paxos surfaced, but it has not been confirmed.

Zhao said that he has no opinion on this issue, but I firmly believe that such a massive prosecution may bring a demarcation point to the industry.

"If BUSD is judged as a security by the court, it will have a profound impact on the high-speed development (or no development trend) of the encryption field in the jurisdiction where it is judged.

Binance will continue to support BUSD in the foreseeable future. We really foresee that customers will move to other stable currencies over time. We will adjust the goods accordingly. For example, try not to use BUSD as a trading transaction.

As some markets continue to have regulatory variability, we will check many projects in such jurisdictions to ensure that our customers are protected from all unreasonable damage. "

Binance USD is the third largest stable currency in the market and the seventh largest encryption property at this stage, with a total market value of 16.1 billion US dollars at the time of sale.

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