24/7 Cryptocurrency News

Just-In: What If Court Rules BUSD A Security, Binance CEO CZ Replies

CZ assured that Binance will be making some product adjustments according to decisions taken by the regulatory authority.
Published by
Just-In: What If Court Rules BUSD A Security, Binance CEO CZ Replies

Binance CEO, Changpeng Zhao (CZ) finally broke his silence to present his take on the U.S. SEC’s probe on Paxos in relation to stablecoin Binance USD (BUSD). However, Paxos announced that it will be ending its relationship with Binance for the BUSD.

Advertisement

Binance CEO Backs BUSD

Since the alleged U.S. SEC probe on Paxos broke out, the crypto community around the globe has been discussing its repercussions over the stablecoins and market. However, Binance CEO dropped some hints about it.

CZ stated that IF the court rules out that BUSD is a security then it will have a profound effect on how the crypto industry will move ahead. However, this will be restricted to the jurisdiction where it is ruled.

He added that the world’s largest crypto exchange will still be supporting BUSD for the foreseeable future. Meanwhile, this scrutiny will lead the users to migrate to other stablecoins from BUSD over time. However, CZ assured that Binance will be making some product adjustments according to decisions.

The actions will include moving away from BUSD as the main pair for trading. However, Binance will be reviewing other projects too in accordance with the current regulatory uncertainty.

Advertisement

What Paxos Said On US SEC Probe?

Paxos announced that Paxos will be halting the issuance of new BUSD tokens from February 21. This will be done on the orders of the New York Department of Financial Services (NYDFS). It mentioned that Paxos will continue to manage BUSD dollar reserves.

It added that the BUSD will remain fully supported by Paxos and redeemable to all users till February 2024. However, new and existing Paxos users will be allowed to redeem their funds in US dollars. Users can also convert their BUSD tokens to Pax Dollar (USDP).

Advertisement

Share
Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Spot Bitcoin ETFs Record 2nd Best Weekly Inflows Ever, Bloomberg Analysts Bullish

Spot Bitcoin ETFs saw nearly $3.3 billion in net inflows last week, the 2nd largest…

October 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B

Michael Saylor hinted that Strategy would not be making its routine Bitcoin purchase this week.…

October 5, 2025
  • 24/7 Cryptocurrency News

Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana

Crypto experts have begun to make bullish projections for Pudgy Penguins’ native token, PENGU. This…

October 5, 2025
  • 24/7 Cryptocurrency News

ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks

ASTER has announced that the roadmap for its second airdrop phase is set to begin…

October 5, 2025
  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025