As the government crackdown on the cryptocurrency sector intensifies, New York regulators ordered a crypto company to stop issuing one of the largest dollar-pegged cryptocurrencies. According to Binance, the New York Department of Financial Services has ordered Paxos Trust Co., which issues and lists Binance’s dollar-pegged cryptocurrency, to stop creating new BUSD tokens. Paxos will continue to manage product redemptions, according to the crypto exchange. BUSD, also known as Binance USD, is a stablecoin that is one-to-one backed by US dollars. Binance and Paxos collaborated to launch it in 2019 and announced that the stablecoin had been approved by New York’s financial regulator.