2 years ago
Binance assured its users that this alteration volition not interaction them successful immoderate way, and that their funds volition proceed to beryllium held successful publically verifiable addresses.
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Collect this nonfiction arsenic an NFT
Cryptocurrency speech Binance announced on March 17 that it has replaced BUSD holdings successful the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The determination comes successful effect to Paxos' caller determination to halt minting caller Binance USD (BUSD), starring to a alteration successful BUSD's marketplace capitalization implicit time.
As Paxos volition nary longer beryllium minting caller BUSD, #Binance has swapped the BUSD successful the SAFU Fund for TUSD & USDT.
This alteration volition person nary interaction connected users, and the funds stay connected publically verifiable addresses.
Funds are SAFU.https://t.co/edLVgpdCUQ
The Secure Asset Fund for Users (SAFU) is an exigency security money that was established by Binance successful July 2018 to support users' funds successful lawsuit of information breaches oregon different unforeseen events. Binance committed a percent of trading fees to turn the fund, which was valued astatine US$1 cardinal arsenic of January 29, 2022. The fund's wallets initially consisted of Binance Coin (BNB), Binance USD (BUSD), and Bitcoin (BTC). However, Binance has decided to regenerate the BUSD holdings with TUSD and USDT.
Binance has assured its users that this alteration volition not interaction them successful immoderate way, and that their funds volition proceed to beryllium held successful publically verifiable addresses. BUSD volition besides proceed to beryllium supported connected Binance. The speech besides stated that it volition intimately show the money to guarantee that it remains sufficiently capitalized, and volition apical it up periodically arsenic indispensable utilizing its ain funds.
On Feb 13, BUSD stablecoin issuer Paxos Trust Company announced that it would halt the issuance of caller Binance USD (BUSD) stablecoins owed to the ongoing probe by New York regulators. Paxos stopped minting caller BUSD tokens starting from Feb. 21, successful accordance with the directions and coordination with the New York Department of Financial Services (NYDFS).
Related: Coinbase disables trading for BUSD
Days aft reports of United States regulatory scrutiny of Paxos and Binance USD, Binance minted astir $50 cardinal worthy of TrueUSD (TUSD). The transaction took spot connected Feb. 16, according to information from Etherscan, and came 2 days aft Binance CEO Chanpeng “CZ” Zhao mentioned successful a Feb. 14 Twitter Spaces that Binance would look to “diversify” its stablecoin holdings distant from BUSD.
In airy of the U.S. Securities and Exchange Commission's enactment against Binance's BUSD, immoderate crypto assemblage members person questioned whether the existent contented astatine manus is astir stablecoins oregon Binance, arsenic the SEC didn’t instrumentality enactment against Paxos’ gold-backed stablecoin called Pax Gold (PAXG.)
This is an fantabulous point. Paxos has been specifically targeted for BUSD, but not their ain Pax dollar.
Look astatine the bigger picture. FTX collapsed, & present abruptly the regulators are coming aft Binance.
It's astir arsenic if a co-conspirator of Binance is informing connected them. https://t.co/FhkrntttlK
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