11/24/2023 0 Comments Binance us new york![]() Securities and Exchange Commission has told Paxos it plans to sue the company, alleging that Binance USD is an unregistered security. The WSJ, citing unnamed sources, reported on Sunday that the U.S. Binance has previously said it regularly works with regulatory agencies to address questions they may have. The Justice Department is investigating Binance for suspected money laundering and sanctions violations, Reuters has previously reported. The NYDFS move, first reported by the Wall Street Journal, comes amid a wider crackdown on cryptocurrencies and Binance by U.S. "What's being seen on the desks today is a significant flight from BUSD to USDT (Tether)," he said.īinance Coin, the platform's native token, was last down 9.9%, according to CoinGecko.īinance CEO Changpeng Zhao wrote in a series of tweets on Monday that the regulator's decision meant that "BUSD market cap will only decrease over time," adding that Paxos has assured Binance the funds were fully covered by Paxos' bank reserves.īinance would "continue to support BUSD for the foreseeable future," Zhao said, predicting that users would shift to "other stablecoins over time." The token "in theory had the potential to replace both as a de jure dollar of crypto," said Joseph Edwards, investment advisor at crypto firm Enigma Securities. regulation on stablecoins that is coming sooner rather than later."īinance USD is the third-biggest stablecoin behind market leader Tether and USD Coin, with about $16 billion in circulation, and is the seventh-biggest cryptocurrency, according to market tracker CoinGecko. ![]() The latter appears crucial in the wake of U.S. "It remains to be seen whether (and when) Binance will be able to find a U.S.-based partner for its stablecoin. "It is a big setback for Binance," said Ivan Kachkovski, FX and crypto strategist at UBS. The loss the New York-regulated status offered by Paxos may also hurt Binance's appeal to larger investors seeking, they said. The NYDFS move represents a setback to Binance's efforts to gain market share from larger stablecoins rivals such as Tether and USD Coin, analysts said. They are used for trading between volatile tokens like bitcoin and, in some emerging economies, as a means to protect savings against inflation. Stablecoins, digital tokens typically backed by traditional assets that are designed to hold a steady value, have emerged as one of the key cogs in the crypto economy. ![]() 21, but would continue to support and redeem the tokens until at least February 2024. Paxos said in a statement that it would stop issuing new Binance USD, which is backed by traditional cash and U.S.
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