As is well known in the crypto world at the moment there has been a major crackdown on cryptocurrency in the United States. At the front of this the US Security and Exchange Commission (SEC) who have been sending lawsuits out left right and centre. But over the last few days they have come back with renewed vigour.
Paxos, the latest to be hit has been ordered to stop its minting and distribution of Binance USD (BUSD) by the SEC. Which, strangely, does not involve Binance. It is owned fully Paxos.
This news has sent the market cap of BUSD into a downward spiral starting at $16.1 billion a few days ago all the way down to $15.53 at the time of writing.
Paxos will stop issuing BUSD on the 21st of February 2023 so mark your calendars and hope.
QUICK DISALIMER!!!
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