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About $2.5 Billion Wiped Out of Binance’s BUSD after Regulatory Scrutiny

Mushu Butt by Mushu Butt
February 17, 2023 - 2:49 pm
in altcoins news, sticky
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Once U.S. officials turned their attention to the cryptocurrency, approximately $2.5 billion was claimed to have flowed out of Binance’s stablecoin this week, as stated by the CEO of Binance on Twitter. The majority of the funds have been transferred from Binance USD (BUSD) into Tether (USDT), another stablecoin where each token has a value of $1, as stated by the CEO of Binance, Changpeng Zhao, on Twitter. “Landscape is shifting,” he explained in his tweet.

BUSD market cap dropped -$2.45B (from 16.1B to 13.7B as of now), and most of it has moved to USDT.

USDT marketcap + 2.37B (From 67.8B to 70.1B)

USDC also declined -739M (from 42.3B to 41.5B)

Landscape is shifting.

(Note: BUSD is NOT issued by Binance.) pic.twitter.com/kVrZUYjuOh

— CZ 🔶 Binance (@cz_binance) February 17, 2023

The usage of stablecoins facilitates trading not just between cryptocurrencies but also between cryptocurrencies and traditional assets. BUSD ranks third among stablecoins, after USDT and USD Coin (USDC). According to the analytics website CoinMarketCap, this week saw a rise of around $2 billion in USDT’s market capitalization, which is a measurement of the total amount of money invested in the coin.

Paxos Trust Company, the company that is behind BUSD, has been ordered to halt minting the tokens, according to a statement released on Monday by the New York Department of Financial Services. Paxos stated that it was also informed by the United States Securities and Exchange Commission (SEC) that the company, which has its headquarters in New York, should have registered the stablecoin offering as a security. 

The price of BUSD, the exchange’s native token, dropped in response to the announcement but has since recovered and was last seen unchanged at $306.96. On Thursday, it was claimed that Binance, a renowned cryptocurrency exchange, had covert access to a bank account belonging to its ostensibly independent U.S. partner and moved $400 million to a trading firm managed by Zhao.

Tags: BinanceBUSDExchangeStablecoins
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Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

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