The issuance of BUSD is suspended in the US
The US Department of the Treasury announced that the measure will be temporary, while they carry out certain investigations
In a surprise decision, the US Treasury Department has suspended issuance of Binance’s stablecoin BUSD on US soil. The move comes amid growing concern from regulatory authorities about compliance with financial regulations by cryptocurrencies and exchanges.
Binance, one of the world’s largest cryptocurrency platforms, issued its US dollar-backed stablecoin cryptocurrency in 2019. Since then, it has become popular among cryptocurrency investors and traders, leading to an increase in volume. of negotiation.
However, the US Treasury Department expressed concern that Binance is not complying with financial regulations. The suspension comes after a lengthy investigation into the exchange and its stablecoin, which was conducted in collaboration with the US Securities and Exchange Commission (SEC).
The US Treasury Department said the measure is temporary, but has not given a specific date for the measure to be lifted. Investors and traders who already own the exchange’s stablecoin will be able to continue to use it, but new issuances will not be allowed on US soil.
(Reference image source: file)
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