To quote the NYDFS press release: “DFS has ordered Paxos to cease minting Paxos-issued BUSD as a result of several unresolved issues related to Paxos’ oversigh

To quote the NYDFS press release: “DFS has ordered Paxos to cease minting Paxos-issued BUSD as a result of several unresolved issues related to Paxos’ oversight of its relationship with Binance in regard to Paxos-issued BUSD.” They don’t go into details into the unresolved issues, but it’s common knowledge that Binance-Peg BUSD is used as a way to securely hold a backed stablecoin without risk of blacklisting, and that there are some questions around Binance’s management of Binance-Peg BUSD. https://www.dfs.ny.gov/consumers/alerts/Paxos_and_Binance https://www.dfs.ny.gov/consumers/alerts/Paxos_and_Binance