Binance-branded crypto token hit by $6bn outflow after US crackdown | Financial Times

Investors have pulled more than $6bn out of a Binance-branded digital token in the past month, in a sign that a recent US regulatory crackdown on digital assets is putting pressure on the world’s largest crypto exchange.

New York’s financial regulator last month halted new issuance of the stablecoin, known as BUSD, citing “several unresolved issues” relating to Binance’s relationship with Paxos, the company responsible for minting the dollar-pegged token.

Since then holders have rushed to withdraw their cash, causing the BUSD in circulation to fall by more than a third, according to data from blockchain analytics platform Nansen.

Source: Binance-branded crypto token hit by $6bn outflow after US crackdown | Financial Times