Tag: Binance

Circle blew the whistle on Binance reserves to NYDFS: Report

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New York State’s Department of Financial Services, or NYDFS, reportedly received a complaint from stablecoin issuer Circle regarding Binance’s reserves prior to its crackdown on BUSD. According to a Feb. 13 Bloomberg report, Circle alerted NYDFS in an autumn 2022 complaint that Binance’s reserves were insufficient to support its tokens, seemingly including stablecoin Binance USD (BUSD). A person familiar with the matter reportedly said Circle’s team had uncovered the information through blockchain data. Circle’s actions came prior to the United States Securities and Exchange Commission’s plans to file a lawsuit…

Paxos Halt of BUSD Stablecoin Issuance Derails Binance Strategy for Global Dominance, With Tether’s USDT, Circle’s USDC, Maker’s DAI as Likely Gainers

In the largest BUSD pool on decentralized finance (DeFi) protocol Curve, where traders can swap between stablecoins, traders almost depleted the USDT, USDC and DAI liquidity. Now, 85% of the pool’s liquidity is BUSD, making it difficult for traders to exchange large amounts of BUSD, and forcing sellers to accept losses at the discounted exchange rates. At current rates, a trader exchanging 10,000 BUSD will receive 9,982 USDT. Source

Binance CEO Warns of ‘Profound Impacts’ on Crypto Industry if BUSD Is Ruled as a Security – Altcoins Bitcoin News

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Binance CEO Changpeng Zhao (CZ) has warned of “profound impacts” on the crypto industry if stablecoin Binance USD (BUSD) is ruled as a security. His warning followed an alleged lawsuit by the U.S. Securities and Exchange Commission (SEC) against Paxos, the issuer of Binance USD. Binance’s CEO on SEC Action Against Paxos and BUSD Following the news that the U.S. Securities and Exchange Commission (SEC) intends to take action against Paxos Trust Company over stablecoin Binance USD (BUSD), Binance CEO Changpeng Zhao (CZ) took to Twitter Monday to explain the…

Paxos ordered to Halt U.S. Dollar-Pegged Binance Stablecoin BUSDT- Has the SEC War on Crypto Begun? – Blockchain News, Opinion, TV and Jobs

By Marcus Sotiriou, Market Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).  Bitcoin is currently testing $21,500, a key support level, whilst US regulators hone in on crypto firms. The SEC is suing Paxos, the issuer of BUSD, and has labelled BUSD as an “unregistered security”. Paxos has been ordered by the New York Department of Financial Services (who regulate Paxos) to stop issuing BUSD. Binance CEO, CZ, has announced that they will continue to support Binance USD, but they “foresee users migrating to other stablecoins over time,” and they will…

Paxos to stop minting BUSD stablecoins for Binance

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Blockchain infrastructure platform Paxos will halt issuance of new BUSD (BUSD) stablecoins amid the ongoing probe by the New York regulators. Paxos officially announced on Feb. 13 that the firm will end its relationship with Binance for the branded USD-pegged stablecoin BUSD. Starting from Feb. 21, Paxos will stop minting new BUSD tokens, in accordance with directions and coordination with the New York Department of Financial Services (NYDFS). Paxos emphasized that all existing BUSD tokens will remain fully-backed and redeemable through Paxos Trust Company through “at least February 2024.” Customers…

Binance to support BUSD while exploring non-USD stablecoins, CZ says

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Cryptocurrency exchange Binance plans to continue supporting its Binance USD (BUSD) stablecoin despite its issuer Paxos facing a stop order from American regulators. As reported by Cointelegraph, the New York Department of Financial Services (NYDFS) has ordered blockchain firm Paxos to cease issuing dollar-pegged stablecoin BUSD. Paxos has also received a wells notice from the United States Securities and Exchange Commission (SEC) alleging that BUSD is an unregistered security. Binance CEO Changpeng ‘CZ’ Zhao has moved to assure users that funds are safe despite the intended enforcement action. A Twitter…