The issuance of the new Binance USD stablecoin has been suspended, therefore PointPay is removing this asset from the platform. All user balances will be adjusted.
In cooperation with Binance, the BUSD stablecoin has been issued by the company Paxos. On February 13th, Paxos was forced to announce that they are no longer issuing BUSD tokens due to a suspension by the New York State Department of Financial Services (NYDFS).
The order was issued by the NYDFS after the Securities and Exchange Commission (SEC) notified Paxos Trust of its intent to sue the company for violating investor protection laws. According to the SEC, the BUSD stablecoin is considered as an unregistered security and should have complied with all investor protection laws.
On February 21, the issuance of BUSD stablecoin was suspended and the cooperation between Binance and Paxos was terminated. In the AMA session following the news, the head of Binance announced that they will gradually replace BUSD with other stablecoins. BUSD itself will be supported until at least February 2024.
PointPay is also removing BUSD from the platform due to the end of issuance and future support for BUSD. Stablecoin will be completely removed from the platform in the near future.
User accounts with BUSD at the time of its removal will be adjusted. BUSD will be replaced with the equivalent amount of USDC stablecoin (at a 1:1 ratio).
PointPay apologizes for any inconvenience and recommends anyone who is not satisfied with the conversion to USDC to withdraw their BUSD stablecoin from the platform in the short term.
You can check your balance and make withdrawals from the PointPay CryptoBank page at the link below or via the mobile app.
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