The Situation With BUSD

Recently, a scandal broke out with Paxos and busd, and binance responded to this by essentially disowning busd, and because of this, problems with this stablecoin are quite likely in the near future, and what is the posi team going to do now? There are almost all busd-related couples on the platform, what are your plans for this? Justin

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Dear #POSINation,

We wanted to update you on the recent news regarding BUSD, which is the primary stablecoin used on our platform. On Monday, Paxos, the issuer of BUSD, announced that it would temporarily stop minting new tokens after a request from the New York Department of Financial Services (NYDFS). We want to assure our users that our team is monitoring the situation closely and taking all necessary steps to ensure the safety and security of your assets.

We want to emphasize that users’ funds are safe and secure as Paxos has denied regulators’ claims that BUSD constitutes an unregistered security.

We will continue to follow the situation closely and keep you informed of any updates or changes. Thank you for your continued support and please don’t hesitate to reach out to us with any questions or concerns.

Best regards,
Position Exchange Team