Anti-Financial Crime & Financial Crime Compliance
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AML, Crypto, Financial Crime, US

Binance stablecoin backer ordered to stop issuing token – Binance CEO

LIMITS: From Tuesday NatWest customer transfers to cryptocurrency exchanges have been limited to £5,000 ($6,088) per 30-day period, with no more than £1,000 per day.

By Tom Wilson and Elizabeth Howcroft

New York’s chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token, Paxos said in a statement on Monday.

The Binance USD (BUSD) stablecoin, one of the world’s biggest, is issued and redeemed by New York-based Paxos Trust Company, both of which are regulated by the New York Department of Financial Services.

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