Too Long; Didn't Read
Binance's BUSD token, marketed as a stablecoin, is under scrutiny for its alleged status as a security. This investigation covers the period from September 2019 to February 2023 when BUSD was promoted as an investment contract. The token's profit-earning potential, including "Binance Earn" programs and high APYs, raised concerns. NYDFS directed Trust Company A to halt BUSD minting due to oversight issues with Binance. Over $16 billion BUSD were in circulation by February 2023, with most held by Binance. The story unravels the regulatory challenges surrounding BUSD and its impact on the cryptocurrency market.