Binance USD (BUSD) market cap has fallen below $10 billion for the first time in almost two years amid a United States regulatory crackdown on its token issuer and a planned delisting from a major crypto exchange.BUSD’s marketcap has been on a steep downward trajectory since its all-time high (ATH) market cap of $23.49 billion on Nov.
15, just a few days after the shock collapse of FTX. As of today, the stablecoin’s marketcap has fallen to $9.66 billion — levels not seen since Jun.
29, 2021.Most recently, BUSD has been the subject of a potential lawsuit against Paxos by the United States Securities Exchange Commission (SEC) on Feb.
12 over a possible violation of investor protection laws. Since then SEC, $6.65 billion has been shaved off BUSD’s market cap.Paxos was also ordered by the New York District of Financial Services (NYDFS) to stop minting and issuing BUSD on Feb.Read more on cointelegraph.com