SamuraiWarriorSoulful
Fri Feb 21 2025
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5 answers
1218
Why is Binance banned in NY?
Binance, a leading cryptocurrency exchange, has been banned in New York due to regulatory issues. The New York Financial Services Department ordered Paxos, the stablecoin issuer for Binance's BUSD, to stop minting the stablecoin because of unresolved supervisory issues related to Paxos' relationship with Binance. Additionally, Binance has faced legal challenges from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which have accused the exchange of violating securities rules and operating illegally in the U.S. These regulatory and legal issues led to the ban of Binance in New York.
