Changpeng Zhao (CZ), Binance CEO finally broke his silence to give his opinion on the U.S. SEC probe into Paxos regarding stablecoin Binance USD. (BUSD). Paxos, however, announced that it would end its relationship with Binance in exchange for the BUSD.
The crypto community has been discussing the potential repercussions of the U.S. SEC probe into Paxos since it broke. Binance CEO however, dropped some hints.

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CZ stated that if the court declares that BUSD is security, it will have a profound impact on the future direction of the crypto industry. This will only be applicable to the court that ruled in this case.

He said that the world’s biggest crypto exchange will continue to support BUSD in the near future. This scrutiny will prompt users to migrate to stablecoins over time from BUSD. CZ assured Binance that they will make product adjustments based on decisions.

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These actions include the decision to stop using BUSD as the primary currency for trading. Binance will however be reviewing other projects in light of the regulatory uncertainty.
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Paxos announced today that it will stop issuing new BUSD tokens starting February 21. This will be done according to the New York Department of Financial Services’ (NYDFS) orders. It was also mentioned that Paxos will continue managing BUSD dollar reserves.

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