HyperVerse Drops Support For BUSD

In February 2023, the New York Department of Financial Services (NYDSF) ordered New York based blockchain firm Paxos to stop minting or issuing new BUSD citing concerns with oversight in it’s relationship with Binance, Paxos happens to be the primary issuer of BUSD and during this period, there were also unconfirmed reports circulating about the SEC suing Paxos for the issuance of BUSD as an unregistered Security although the SEC never followed up with any action on this after Paxos announced that they have ceased issuing new BUSD and would gradually drop support for the Stablecoin.

Due to regulatory concerns and gradual market cap reduction and also very limited liquidity for BUSD which might impact our members ability to liquidate this stablecoin after withdrawal, we have decided to cease support for the stablecoin, starting from the time of publication of this article, members would not be able to deposit or withdraw BUSD from the Refund Portal, kindly note that HyperVerse would continue to have full support for Tether USD(USDT) and USD Coin(USDC).

The refund program is still ongoing with hundreds of millions of dollars already disbursed to users, the refund program is scheduled to end on the 31st of October 2023.

For further questions of enquiries about the refund process, don’t hesitate to reach out to our Livechat Support or our Telegram Support Personnel, we would be happy to hear from you.