Recent regulatory moves against BUSD-issuer Paxos have seen Binance's exchange outflows surge, while millions in BUSD have been redeemed.
A spokesperson for Binance told Cointelegraph that “funds are SAFU” — backed by a Secure Asset Fund for Users — echoing what Binance chief Changpeng “CZ” ZhaoThey added the exchange recently had a sell-off with “more than $1 billion” withdrawn in a 12-hour period which it claims “was managed with ease.”
“We run a very simple business model — hold assets in custody and generate revenue from transaction fees,” Binance said, adding:Following the SEC's action and a
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Binance Withdrawals Surge as Paxos-BUSD Drama Weighs on the ExchangeBinance has endured some $828 million of net outflow in the past 24 hours. Monday’s outflow is the largest in a day since November, surpassing withdrawals in December that occurred amid fears about Binance reserves. sndr_krisztian reports
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Paxos to stop minting BUSD stablecoins for BinancePaxos customers will be able to redeem their funds in USD and convert their BUSD tokens to another Paxos-issued stablecoin, Pax Dollar.
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Crypto Update | SEC Sues Paxos, Binance’s BUSD DepegsListen to this episode from Markets Daily Crypto Roundup on Spotify. With bitcoin testing $20K in wake of the second week of the SEC’s attack on crypto, plus a look at Bitcoin’s information symmetry, CoinDesk’s “Markets Daily” is back with the latest news roundup.Today's Stories...Read the full show notes here.Featured Story: Bitcoin, Markets and the Symmetry of Information-Join CoinDesk’s Consensus 2023 - the most important conversation in crypto and Web3 - happening April 26 through 28 in Austin, Texas. Consensus is the industry’s only event bringing together all sides of crypto, Web3 and the metaverse. Immerse yourself in all that blockchain technology has to offer creators, builders, founders, brand leaders, entrepreneurs and more! Use code MARKETSDAILY to get 15% off your pass. Visit consensus.coindesk.com or check the link in the show notes.-This episode was edited & produced by Adrian Blust with original music by Doc Blust & Colin Mealey.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacydo-not-sell-my-info.
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Paxos to Stop Minting Stablecoin BUSD Following Regulatory ActionStablecoin issuer Paxos will stop minting new Binance USD (BUSD) tokens following the threat of legal action from the U.S. Securities and Exchange Commission (SEC). CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the details and the wider implications for crypto regulation.
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Paxos to Stop Minting Stablecoin BUSD Following Regulatory Action.PaxosGlobal will stop minting new BUSD tokens after a report came out that the SECGov is looking at taking possible legal action against the stablecoin issuer. By JamieCrawleyCD.
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Crypto Market Slips Below $1 Trillion As U.S. Regulatory Pressure MountsCrypto Market Slips Below $1 Trillion As U.S. Regulatory Pressure Mounts by ninabambysheva
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