Halt on $BUSD Token Creation, Paxos to Manage Redemptions

Reported by WSJ, the New York Department of Financial Services has told Paxos Trust Co., the company behind Binance's dollar-pegged cryptocurrency, $BUSD, to stop issuing any more of the token. Paxos will still be responsible for managing redemptions of BUSD, according to an statement from Binance. This move by the regulators is part of a growing government crackdown on the cryptocurrency sector.