Binance burns 2 billion BUSD on the BNB Chain.
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After the New York Department of Financial Services (NYDFS) ordered Paxos to stop issuing BUSD, Binance announced on the 22nd that it will destroy 2 billion BUSD on the BNB Chain, with an equivalent amount of Ethereum BUSD to be released from cross-chain collateralization.
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After the New York State Department of Financial Services (NYDFS) ordered Paxos to stop issuing BUSD, Binance announced on the 22nd that they will burn 2 billion BUSD on the BNB Chain, with an equivalent amount of Ethereum BUSD to be released from cross-chain collateral as well.
Review of the event: BUSD Incident Recap | Is the stablecoin a security? Regulatory demand to stop issuing? Binance's Zhao Changpeng responds? Any connection to USDC?