Regulator NYDFS Says Paxos Didn’t Administer Binance USD in ‘Safe and Sound’ Manner: Reuters

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Paxos “violated its obligation to conduct tailor-made, periodic threat assessments and due diligence refreshes of Binance and Paxos-issued BUSD clients to forestall unhealthy actors from utilizing the platform,” a spokesman with the regulator informed Reuters, saying the token wasn’t being administered in a “protected and sound” method.

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