Binanace to Reduce Support for BUSD Products
Binance is scaling back support for BUSD following legal challenges and Paxos' cessation of the coin's production.
After Paxos stopped creating new BUSD, Binance has decided to slowly end its support for this coin.
Binance will slowly stop supporting BUSD after Paxos was told to stop making it in February. Binance's CEO had mentioned that they would decrease BUSD over time. Now, Binance is asking to return BUSD loans quickly, so it seems they are speeding up the process.
Binance stated, "As Paxos isn't making new BUSD, we will reduce our support for BUSD products. But remember, every BUSD will still be equal to one USD." According to CoinMarketCap, people trade about $900 million BUSD every day.
There were some legal problems with BUSD. New York's finance department told Paxos to stop making it. After that, a U.S. agency said Binance broke the law by selling some products. This week, another U.S. agency, the SEC, hinted at more legal issues for Binance but didn't share details.
