😓 The New York Department of Financial Services (NYDFS) has initiated an investigation against Paxos, CoinDesk reported. Paxos is the issuer of the Pax Dollar (USDP) and Binance USD (BUSD) stablecoins.

💵 NYDFS has ordered Paxos to stop issuing BUSD. However, the company will continue to manage the redemption of the product.

Binance will stop supporting BUSD in 2024. The issuance of the stablecoin will be stopped by its issuer Paxos until February.

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