Amid Paxos row, CZ reiterates that BUSD is "not issued or redeemed by Binance"

Binance CEO Changpeng Zhao (CZ) pitched in to the ongoing discussion around the New York Department of Financial Services (NYDFS) directive to BUSD issuer Paxos to cease minting BUSD, highlighting that even though it is called Binance USD, BUSD is "NOT issued or redeemed by Binance."

CZ further added that ""IF" BUSD is ruled as a security by the courts, it will have profound impacts on how the crypto industry will develop (or not develop) in the jurisdictions where it is ruled as such."

Given the "ongoing regulatory uncertainty" in some markets, Binance will also be reviewing other projects in those jurisdictions "to ensure that users are insulated from any undue harm," said CZ.