Binance continues to wind down BUSD by ending borrowing and staking support for the stablecoin

2023-10-4 20:30

Global crypto exchange  Binance announced on Oct. 3 that  it will end support for Binance USD (BUSD) borrowing and staking positions by Oct. 25, 2023. This closure appears to be part of a wider plan to phase out the troubled stablecoin, as regulatory scrutiny intensifies.

Binance has urged its users to convert their BUSD holdings to First Digital USD (FDUSD) as part of the gradual phasing out of support for the stablecoin. The exchange reassured its users that BUSD would remain backed 1:1 by USD until its support ends in February 2024.

Regulatory pressure has been a significant factor in Binance’s decision to phase out BUSD. Earlier this year, Paxos, the issuer of BUSD, announced it would halt the issuance of the stablecoin following scrutiny from U.S. regulators. The Securities and Exchange Commission also filed suit against Binance this summer for several alleged violations of U.S. securities law.

Since then BUSD’s circulating supply has dropped precipitously, from a peak of more than $20 billion to approximately $3 billion.

The exchange also removed BUSD from its Secure Asset Fund for Users (SAFU), claiming th removal was a strategic move to safeguard users, given the decreasing market cap of BUSD.

Under pressure

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and CEO Changpeng Zhao for several alleged violations of federal securities laws.

The SEC’s filing accuses Binance of profiting in billions by courting U.S. investors to buy, sell, and trade on its unregistered platform. The lawsuit also implicates BAM Trading Services Inc and BAM Management, who Binance partnered with in 2019 to launch Binance U.S.

In response to the SEC’s assertions that BNB and BUSD are securities. Binance has argued that BNB is a native token designed to create an internal economy and does not represent an investment contract, therefore holding that it is not a security.

The post Binance continues to wind down BUSD by ending borrowing and staking support for the stablecoin appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 653.06 (+1.08%)
Объем 24H $2.841b
Изменеия 24h: 2.47 %, 7d: 5.62 %
Cегодня L: $644.56 - H: $653.06
Капитализация $94.047b Rank 6
Доступно / Всего 144.01m BNB

binance support staking oct stablecoin borrowing busd

Источник: cryptoslate.com

binance support → Результатов: 126


Фото:

Alipay Denies Supporting Binance Fiat-to-Crypto Transactions, WeChat Blocks Them

Chinese mobile payment giant Alipay has said that it doesn’t support the purchase of cryptocurrencies on its payment platform. Alipay’s statement comes after the Chief Executive Officer of Binance, Changpeng “CZ” Zhao, said that it now supports cryptocurrency purchases via Alipay and WeChat Pay, which BeInCrypto reported on yesterday.

2019-10-11 21:24


Binance добавила еще один способ внесения депозитов с банковских карт

Криптовалютная биржа Binance добавила еще один платежный канал для покупки криптовалют с помощью банковских карт Visa и Mastercard. #Binance Adds Support for Koinal — Buy Crypto With Debit and Credit Cardshttps://t.

2019-9-26 19:08


Фото:

Binance Coin Price Analysis: BNB Could Attempt Reversal To $26

Binance coin has created three lower lows between now and June as price action loses close to 50% of its value. Further downside is expected, however, signs of a reversal could be playing out. BNB/USD 1 Hour Analysis On the 1 hour chart for BNB/USDT, we can see at the end of August price levels crashed through $25 support as mentioned in my previous BNB analysis, since then price levels have bottomed around $21 and Read More The post Binance Coin Price Analysis: BNB Could Attempt Reversal To $26 appeared first on Bitcoinist.com.

2019-9-8 22:11


Binance Launches a New Platform for Developers, Binance X to Boost Innovation in Crypto-Economy

Binance, the world’s largest cryptocurrency exchange has announced the launch of Binance X, an initiative to support open-source cryptocurrency development. Binance X is the latest addition to Binance’s long list of products including exchange, academy, incubator, information platform, charity foundation, launchpad, research, and Trust wallet.

2019-8-29 21:17


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Binance to fully phase out BUSD by end of December

Binance announced on Nov. 29 that it will end support for its associated Binance USD (BUSD) stablecoin starting in mid-December. Binance indicated that all spot trading pairs involving BUSD will be delisted between Dec.