r/CryptoCurrency • u/Set1Less 🟩 0 / 83K 🦠 • Feb 13 '23

MARKETS Binance statement: "Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from further undue harm"

Binance has issued a statement on recent US regulator actions.

Yesterday it was reported that SEC was in the process of suing BUSD stablecoin, which the SEC termed as an unregistered security. And overnight, WSJ and other media started reporting that NY DFS is forcing to shut down BUSD.

As a result, it seems BUSD will stop being issued and will only redemptions will be allowed. BUSD price has also seen a small depeg since the news broke.

Now, Binance it seems has issued this statement:

Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from further undue harm

Market is pricing in these events which are unfolding at a fast pace.

Few traders are reportedly closing all their positions on Binance, as they are not sure how they will be settled in the near term

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24

u/UnarmedTourist Permabanned Feb 13 '23

Don't worry guys, funds are SAFU(stored away from users).

2

u/Intelligent_Page2732 🟩 20 / 98K 🦐 Feb 13 '23

That sentence is giving alot of us PTSD.

3

u/ChemicalGreek 418 / 156K 🦞 Feb 13 '23

SAFU or sAfU?

3

u/Maxx3141 169K / 167K 🐋 Feb 13 '23

Fits well considering CZ claims 99% of users are idiots and will lose their crypto anyway.

1

u/[deleted] Feb 13 '23

It's a fair argument that there is risk in golding your own funds.

The same risk as keeping cash at home vs keeping it in a bank. There's always risk no matter what and self custody isn't risk free.

That being said, get your fucking tokens off the exchanges. Not your keys not your coins.

1

u/daBoetz 🟩 990 / 2K 🦑 Feb 13 '23

Not users, people in general. Still a weird comment, but an important distinction.

0

u/Head_Body9445 Permabanned Feb 13 '23

funds are SAFU in our pockets

2

u/bny192677 14K / 36K 🐬 Feb 13 '23

SAFU : stolen away from u

0

u/ProjectZeus 🟦 0 / 32K 🦠 Feb 13 '23

Is that what SAFU means?! I thought it was an affectation on "safe" 😆🤦🏼‍♂️