For the time being, the world’s largest crypto exchange, Binance, is not allowed to issue new coins for its Binance USD digital currency, which is linked to the dollar rate. The responsible US authority New York Department of Financial Services (NYDFS) ordered this, said Binance boss Changpeng Zhao on Monday via the short message service Twitter. The New York-based service provider Paxos has so far been responsible for issuing and exchanging this “stablecoin”. He now announced the end of the cooperation with Binance in this area. Customers could exchange their Binance USD for US dollars or the proprietary cryptocurrency Pax Dollar until at least February 2024. The NYDFS announced that it would follow this process closely. Stablecoins are used by crypto exchange customers for trading.
Crypto Exchange – Setback for Binance – Economy
