A Binance spokesperson confirmed that Paxos was told to stop issuing new BUSD tokens

"Paxos has informed us that the New York State Department of Financial Services has directed them to stop issuing new BusDs," a Binance spokesperson said ina statement on Monday, according to BlockBeats. BUSD is a stablecoin wholly owned and managed by Paxos. "As a result, the BUSD market value will only decline over time. Paxos will continue to service the product, manage redemptions, and will follow up with other information as needed. Paxos also guarantees that the funds are safe and fully covered by its bank's reserves." Previously, the New York Department of Financial Services ordered Paxos to stop issuing new BUSD tokens.