The US Securities and Exchange Commission (SEC) Issues Good Notice to Binance US Dollar (BUS) Issuer Paxos on February 13th. few hours After the CEO of Binance broke, Changpeng Zhao (CZ), newsfile on- Started a chain activity rise.
According to the on- data and analytics provider CryptoQuant, bitcoin (BTC) reserves on The largest cryptocurrency exchange took a hit after Wells’ notice from the Securities and Exchange Commission. According to the data, approximately 3,500 BTC has been moved out of binance.
On the other hand, the amount of BUSD on All centralized exchanges (CEXes) are experiencing an upward trend. According to CryptoQuant, more More than 200 million US dollars have been deposited on CEXes.
Furthermore it, onString data shows that over $341 million in coins were burned in the Paxos vault in the name of stablecoin’s market cap decreased to $15.8 billion, down by approximately 2% in the past 24 hours.
Paxos will discontinue a third, larger version stablecoin Starting February 21st. Conversely, the issuer of the US dollar bank “categorically” did not agree. with Securities regulator “because BUSD is not a security under the federal securities laws.”
Paxos will continue to manage all outstanding BUSD reserves, ensuring that all BUSD is always backed at a 1:1 ratio. with we dollar- denominated reserves in bankruptcy remote Accounts.” Paxos Books in Tweet.
when the drama started, analyst @frxresearch suggested that Binance might be need to develop decentralization stablecoin”something like DAI. In quick response, CZ added that they would “favor someone else” to create it.