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Binance CEO Changpeng ‘CZ’ Zhao dissociated himself from the Binance-branded stablecoin BUSD after US regulatory action halted minting.
Following a request from the New York Department of Financial Services (NYDFS), BUSD issuer Paxos announced on Monday that it will cease minting new tokens, but refuted authorities’ accusations that the cryptocurrency, which is tied to the value of the US dollar, constituted an unregistered security.
Zhao stressed on Tuesday during a Twitter Spaces that BUSD is not issued by Binance and that his exchange had an arrangement with Paxos to allow them use their brand only.
The Binance CEO continued expressing his support for USDC and USDT stablecoins and said:
“With BUSD gone, BUSD slowly winding down over time, we will will continue to work with more stablecoin issuers or creators.”
Commenting on a report by Bloomberg that implied Circle ‘ratting out’ Binance on having liquidity problems related to BUSD, Zhao said:
“I don’t really believe Circle would do that…
“I don’t think a professional industry peer will want to do that to another industry peer. It would just hurts the overall industry as we’re seeing now… I wouldn’t take that article too seriously right now.”