The Binance Pegged BUSD is a token offered as part of the pegged token service offered by Binance. For this token, Binance locks FDUSD tokens and issues the equivalent amount of Binance-Peg BUSD on corresponding other networks (BNB Chain, Avalanche, Polygon, TRON and Optimism etc). Please note that Binance-Peg BUSD is a Binance product. It is not issued by Paxos nor regulated by the NYDFS and not collateralized by BUSD on Ethereum.
Binance: BUSD Token 
BUSD Token