BUSD is issued on Ethereum by Paxos and regulated by the NYDFS. Binance provides the pegged token service, which locks BUSD on Ethereum and issues an equivalent amount of Binance-Peg BUSD on corresponding other networks (BNB Chain, Avalanche and Polygon, etc). Please note that Binance-Peg BUSD is a Binance product. It is not issued by Paxos nor regulated by the NYDFS.