Binance coin slumps as Paxos ordered to stop issuing dollar-based token

Binance coin, or BNB, slumped 7% as the New York Department of Financial Services ordered Paxos Trust to stop creating more of its BUSD token, according to a Wall Street Journal report citing a Binance statement. Paxos also has been told by the Securities and Exchange Commission that the agency plans to sue it, the newspaper said. The BUSD token was trading just below parity, according to Coinmarketcap.