The reason for Paxos halting the provision of Binance USD (BUSD):

Paxos stopped providing Binance USD (BUSD) due to regulatory concerns and unresolved issues related to its relationship with Binance. The New York Department of Financial Services (NYDFS) expressed concerns about Paxos’ ability to issue the BUSD token safely and highlighted unresolved oversight issues concerning Paxos’ relationship with Binance through Paxos-issued BUSD. As a result, NYDFS ordered Paxos to cease BUSD issuance.

Paxos confirmed receiving a Wells Notice from the SEC. A Wells Notice is a communication the SEC uses to inform companies or individuals about potential violations and potential enforcement actions. Paxos strongly disagrees with the SEC’s claim that BUSD is a security under federal securities laws. However, in response to the order, Paxos announced it would halt the issuance of new BUSD tokens starting from February 21st. Nevertheless, Paxos assured that the stablecoin will be fully supported and redeemable by Paxos at least until February 2024. Paxos customers also have the option to convert BUSD tokens to Pax Dollar (USDP), another dollar-backed stablecoin issued by Paxos.

Binance is involved, but it’s important to note that Paxos partnered with Binance in 2019 to launch the BUSD token. Binance’s CZ clarified on Twitter that BUSD is fully owned and managed by Paxos, with Binance merely licensing the Binance brand to Paxos.

Currently, the cryptocurrency industry is facing various regulatory challenges, which is a natural progression as the industry develops. Clear regulations and entrepreneur-led efforts to shape regulations are crucial for the industry’s growth. Stablecoins are expected to serve as new forms of digital currency.

xWIN.Finance is quickly adapting to market conditions and regulations. Although BUSD was initially part of the Dollar Zanmai allocation, adjustments were made to the allocation. Please review the updates.

“Dollar Danmai” refers to:
https://xwin.medium.com/one-of-the-index-dollar-zanmai-at-xwin-finance-314be106e9da

Regarding the BUSD announcement:
https://xwin.medium.com/notice-regarding-suspension-of-busd-related-vaults-on-xwin-finance-aa38525fb6ab