# Binance Coin extends losses as BNB dumps 10% amid negative news

- Link: https://www.directorstalkinterviews.com/binance-coin-extends-losses-as-bnb-dumps-10-amid-negative-news/4121105550
- Published: 2023-02-13T21:09:11+00:00
- Author: Anthony Fox

Binance Coin (BNB) experienced a significant price decrease on Monday, February 
13th, amid news of the halt of Paxos’ relationship with Binance. BUSD, a stablecoin
owned and issued by US-regulated company Paxos Trust, is the main stablecoin in 
the Binance ecosystem, and the news that Paxos had been ordered to stop issuing 
any new tokens triggered massive outflows. BNB dropped by over 10%, trading to lows
of $284, its lowest since January 18th of this year.

The US Securities and Exchange Commission (SEC) was also involved in the news, suing
Paxos and later announcing that it had terminated its relationship with Binance 
regarding the brand’s link to BUSD. Binance CEO Changpeng Zhao announced the exchange
would continue to support the stablecoin, but acknowledged there would be migrations
to other stablecoins due to the regulatory uncertainty.

As a result of today’s losses, BNB’s seven-day chart has decreased by 13%. This 
news is a reminder of the volatility of cryptocurrencies and the importance of staying
up to date with the latest news in the industry.

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