Binance records $1 billion in withdrawals in wake of BUSD crackdown $BUSD
The withdrawal follows after the New York Department of Financial Services ordered Paxos to stop minting new BUSD tokens on Monday and after the Securities and Exchange Commission of the United States issued a Wells notice stating that BUSD was an unregistered security.
With a market cap of $15.71 billion, BUSD is the third largest stablecoin, and about 90% of it is held on Binance., over $400 million worth of BUSD was burned in less than 20 hours as the New York Department of Financial Services ordered Paxos to stop issuing BUSD.
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