🎯 NYDFS clamps down on crypto with order to halt Paxos' BUSD token mint

🎯 NYDFS clamps down on crypto with order to halt Paxos' BUSD token mint 🤷‍♂️ Huobi cancels its Cloud Wallet after only a year ⛐ Canadian University Dubai retreats from Partnership with Binance despite excitement over potential benefits

Good morning, VEMPions.

Not a lot of good news today, but we're all still here, though, and that's what matters. If you did your research you know that we're going to be just fine. Cycles come and cycles go, and so do the markets. We just have to remember that this is all part of it, even if it's a bit of a downer.

Here's what's been going on:

🎯 NYDFS clamps down on crypto with order to halt Paxos' BUSD token mint 

🤷‍♂️ Huobi cancels its Cloud Wallet after only a year

⛐ Canadian University Dubai retreats from Partnership with Binance despite excitement over potential benefits

NYDFS clamps down on crypto with order to halt Paxos' BUSD token mint

NYDFS (The New York Department of Financial Services) has recently ordered Paxos Trust Co. to stop issuing their popular dollar-pegged cryptocurrency BUSD, which is managed by Paxos. This order has come as part of the government's increasing focus on providing more *oversight* in the cryptocurrency sector.

The BUSD token is one of the largest of its kind, and this clampdown could have a major impact on the industry as a whole. Despite being ordered to stop creating new tokens, Paxos will still be able to manage redemptions of the product. This was confirmed in a statement released by Binance.

It is evident that NYDFS is taking greater steps to make sure your crypto investments are ruined. In the coming weeks, it's going to be very important to keep watch for further announcements from the government to make sure you're up to date.

Huobi cancels its Cloud Wallet after only a year

Huobi is canceling its' Huobi Cloud Wallet platform starting in May 2023. Apparently, Huobi's strategic and product adjustments are so drastic that they need to discontinue a whole platform.

Users that are still using the cloud wallet must transfer their cryptocurrency and NFTs to other wallets. Huobi is offering a three-month grace period for the withdrawal and transfer functions, so users should act fast before they lose access to their assets.

Huobi Wallet popped up last year with a lot of buzz and promises. After less than a year, the platform is already being discontinued.

This was sort of an experiment by Huobi and it incorporated both cons of DeFi and custodial centralized wallets with none of the pros - no control over the private keys, the risk of a third-party provider plus the general volatility of assets. It's no wonder the users weren't that keen to stay.

Canadian University Dubai retreats from Partnership with Binance despite excitement over potential benefits

Canadian University Dubai (CUD) recently announced their partnership with Binance Pay to allow students to pay their fees with cryptocurrencies. It was an exciting announcement and many people welcomed it because of the additional convenience and access it promised. Of course, crypto adoption isn't without its obstacles and that was the case here too.

Unfortunately, within 24 hours of the announcement, CUD had to backtrack due to what they called "technical reasons".

The real reason behind this decision is of course unknown, but we can make some educated guesses. Binance pay is one of the most secure and fast payment options available, so it's hard to believe that it was the technical problems that caused CUD to backtrack. Looking at other news, we can assume that there were probably legal and regulatory issues that got in the way of this partnership. Whatever the case, it's a shame that students can't make use of this service.

But as with any new technology, crypto adoption is bound to face roadblocks before it can become mainstream. And it will get there eventually whether the naysayers like it or not.