People familiar with the matter: Circle reported to the New York Department of Financial Services last year that Binance did not have enough reserves to support BUSD

According to Bloomberg, citing sources, USDC issuer Circle will complain to the New York Department of Financial Services (NYDFS) in the fall of 2022 that Binance has mismanaged its token reserves, saying that blockchain data shows that Binance does not have enough reserves to support it. The BUSD stablecoin issued by Paxos, while the U.S. Office of the Comptroller of the Currency (OCC) may require Paxos to withdraw its application for a full bank charter, after Paxos obtained an interim bank charter from the OCC in 2021.