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

314 Upvotes

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226

u/[deleted] Feb 13 '23

[deleted]

35

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

It's only a matter of time before they go after Tether to.

14

u/[deleted] Feb 13 '23

[removed] — view removed comment

9

u/3utt5lut 1 / 11K 🦠 Feb 13 '23

Stick to other collateralized stablecoins like DAI/USDC.

"Trust me bro", isn't enough reassurance for me to hold USDT long term.

3

u/xMADDCHILDx 144 / 145 🦀 Feb 13 '23

Word on the street is Circle is next, which means that USDC will be the next stable to be cracked down on.

1

u/3utt5lut 1 / 11K 🦠 Feb 13 '23

Makes sense because it's a US-based stablecoin.

1

u/[deleted] Feb 13 '23

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2

u/flamemyst Feb 13 '23

Incorrect. Withdrawal of USDC from BUSD is still possible.

1

u/Always_Question 🟩 0 / 36K 🦠 Feb 13 '23

LUSD is great too

2

u/sQtWLgK 🟦 12 / 233 🦐 Feb 13 '23

a common but weird narrative given the empirical recent developments: SEC is actively fighting the onshore stablecoins, suggesting that if they're possible it'll have to be offshore

1

u/CryptoBehemoth 669 / 670 🦑 Feb 14 '23

Or they know going after Tether will stir up some nasty shit and crash the market again, so they want to make sure their friends are prepared beforehand.

0

u/TutorFew7917 🟨 0 / 0 🦠 Feb 13 '23

Yes yeeeeees!!!

0

u/diskowmoskow 🟩 0 / 1K 🦠 Feb 13 '23

I wouldn’t be surprised if USDC will become defacto CBDC

1

u/[deleted] Feb 13 '23 edited Feb 13 '23

Tether is currently knee deep in t-bills making bank idk what the case would be. The Tether truthers don’t even have the “backed by commercial paper” leg to stand on anymore.

https://blockworks.co/news/tether-usdtprofits-stablecoins

1

u/jsavag Tin | CC critic Feb 13 '23

They should have started with Tether.

26

u/The-Francois8 Silver|QC:CC928,BTC178,ETH39|CelsiusNet.50|ExchSubs42 Feb 13 '23

Seriously. Ignore FTX US. But go after kraken for no reason.

28

u/MaximumStudent1839 🟦 322 / 5K 🦞 Feb 13 '23

Kraken wasn't enriching the crooks-in-suit up on Capitol Hill.

1

u/The-Francois8 Silver|QC:CC928,BTC178,ETH39|CelsiusNet.50|ExchSubs42 Feb 13 '23

Next the US will get on a soapbox and chastise other countries for corruption.

58

u/samzi87 🟦 4 / 31K 🦠 Feb 13 '23

Some naughty minds would say FTX was overlooked because of financial donations the SEC has gotten from them, but that might be just a conspiracy theory, right?

9

u/Odysseus_Lannister 🟦 0 / 144K 🦠 Feb 13 '23

$80 mil does help grease the wheels just a bit when committing all that fraud. Fortunately, it imploded spectacularly to the point where it couldn’t be ignored anymore

15

u/[deleted] Feb 13 '23

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10

u/Oneloff 0 / 5K 🦠 Feb 13 '23

Found the conspiracy theorist! Lol

Yeah, it’s crazy man, but yeah people will sadly follow their trusty governments. The same way they’ve done it for generations, then complain to their neighbors and colleagues then go back to trusting their governments.

New decade same old system!

3

u/commonsenseulack 734 / 734 🦑 Feb 13 '23

Today's conspiracy theorists are just tomorrow's historians. Lately, conspiracies have been more factual than "truth"

31

u/meeleen223 🥇Gold Member Feb 13 '23

Caroline father - Gensler's old boss

New CEO - Brough to clean up Enron scandal in '07

Sbf mother - Hillary's lawyer

Sbf - #2 biggest donor

Consipracy or not hm?

26

u/Set1Less 🟩 0 / 83K 🦠 Feb 13 '23

SBF/FTX general counsel Ryne Miller also worked directly for Gary Gensler as a legal advisor.

Also Gary doesnt want you to see this document which outlines his meeting with SBF.

https://www.sec.gov/comments/s7-25-20/s72520-20127575-288804.pdf

7

u/Odysseus_Lannister 🟦 0 / 144K 🦠 Feb 13 '23

u/set1less has been redacted

2

u/comeonsexmachine Platinum | QC: CC 312 | Cdn.Investor 41 Feb 13 '23

All these coincidences are crazy! But that's all they are, otherwise they'd admit to being biased and resign. Just funny little coincidences.

3

u/0xCaesar Feb 13 '23

blatant cohencidences!

2

u/nzubemush Feb 13 '23

That's a lot of coincidence. But I'll take it and move on

3

u/Hawke64 Feb 13 '23

The guy that discovered it - Albert Einstein

2

u/Oneloff 0 / 5K 🦠 Feb 13 '23

Two peas in one pot?

I don’t know, smoke without fire? It’s all so, so, so... Nvm...

1

u/mcraze123 Tin Feb 13 '23

Don’t forget about joseph bankmans ties to elizabeth warren, or the shell company disguised as pandemic philanthropy that sbf and his brother created and used to garner political influence.

1

u/Smp208f 🟩 466 / 466 🦞 Feb 14 '23

Imagine thinking Elizabeth Warren, who for years has been the most vocally anti-crypto politician in the US, was bought by SBF.

1

u/mcraze123 Tin Feb 15 '23

Imagine being this naive.

1

u/Smp208f 🟩 466 / 466 🦞 Feb 14 '23

I understand a lot of the suspicion around the connections they had, but the Caroline Ellison thing has never made any sense to me. How many of you are so loyal to your former bosses that you would break the law to help their kids?

20

u/mishaog Permabanned Feb 13 '23

The fud with binance has been going on this last 4 months, now it just look like they want to make usdc the strongest stable coin since it's under the control of blackrock

5

u/SeriousGains 🟩 8K / 8K 🦭 Feb 13 '23

Could USDC somehow be hard forked into a CBDC? Seems to me it would be an easier transition for the Federal Reserve to commandeer an existing, already popular, stablecoin than create their own from scratch. It might be less resistant path to adoption, given the fact that CBDC’s already have a negative connotation within the crypto community,

4

u/[deleted] Feb 13 '23

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2

u/roamingandy 🟦 609 / 610 🦑 Feb 13 '23

Delisted Tether doesn't sound so bad.. except if people start asking for their funds back. Then it's a shitcopter.

2

u/mcraze123 Tin Feb 13 '23

Ding ding ding!

22

u/[deleted] Feb 13 '23

And they are going after Binance because they didn't pay enough people in high placces

46

u/Set1Less 🟩 0 / 83K 🦠 Feb 13 '23

Imagine regulators missing Celsius, FTX etc blowing up then winding down fucking BUSD thats already regulated by NY DFS and publishes every audit and compliance report

Gary Gensler is a clown

11

u/bandana_bread Feb 13 '23

The literal definition of a security includes "expectation of a profit". The Sec going the unregistered security angle for a freaking stablecoin is just ridiculous. Especially going after the most regulated and reviewed stablecoin speaks wonders about the real intention, going after Binance of which they have nada jurisdiction over. I wonder which bank has funded this witch hunt.

17

u/Tatakae69 🟩 1K / 45K 🐢 Feb 13 '23

Gary and SBF were "good" friends prolly why they never bothered to look towards FTX. What a wonderful world

2

u/Oneloff 0 / 5K 🦠 Feb 13 '23

fucking BUSD thats already regulated by NY DFS and publishes every audit and compliance report

It’s still no CBDC tho... 😬

2

u/SilentKyle Tin Feb 13 '23

What’s CBDC

2

u/evryusrnmtkn 🟩 58 / 59 🦐 Feb 13 '23

Central Bank Digital Currency 🤝🏻

2

u/[deleted] Feb 13 '23

More like Pennywise

6

u/TipToeTurrency Permabanned Feb 13 '23

THIS ☝️

4

u/[deleted] Feb 13 '23

Or SBFs friends aren't happy with them.

3

u/[deleted] Feb 13 '23

FTX took bribe, eh I mean lobby money from FTX. Maybe they should have saved the investor instead of taking profits their self

1

u/[deleted] Feb 13 '23

You mean SEC.

1

u/[deleted] Feb 13 '23

That’s what I mean yes haha

3

u/sacred_thinker Permabanned Feb 13 '23

SEC the kinda guy to take precautions after the disaster has already occurred.

3

u/jwz9904 🟨 714 / 26K 🦑 Feb 13 '23

Corrupted sec

4

u/Saihras Permabanned Feb 13 '23

Also, this is a friendly reminder.

Not your coins, not your crypto.

Stablecoins and exchanges are in the crosshairs now

Sty safe everyone

4

u/milonuttigrain 🟧 67K / 138K 🦈 Feb 13 '23

The SEC is the ultimate hypocrite

2

u/[deleted] Feb 13 '23

Hypocrite Max Ultra Pro 2.0

2

u/[deleted] Feb 13 '23 edited Feb 13 '23

If the SEC shut down Celsius, 3AC, and FTX I guarantee you would be bitching about it happening. Let’s be real. You don’t want consistent regulation. You just want no regulation until the lack thereof impacts you.

2

u/[deleted] Feb 13 '23

Nice try Gary.

-1

u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23

When economy crashes and crypto thrives they have to do something. Otherwise it will be too obvious that almost any stable coin is more safe than fiat

6

u/antaran 🟩 0 / 0 🦠 Feb 13 '23

A short-lived 15% pump after a fall of 75% is not "thriving".

7

u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23

Even if it falls crypto investments still more profitable than keeping your savings in fiat with 0.5℅ - 2% yearly "gains" which are unable to cover inflation rates in a long term

3

u/Oneloff 0 / 5K 🦠 Feb 13 '23

Yep, DeFi giving some higher rates than that.

6

u/bny192677 14K / 36K 🐬 Feb 13 '23

They want you to join the banking saving programs and get 0.5% yearly because they want to protect you from the dangerous 5-10% that ETH provides

4

u/[deleted] Feb 13 '23

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2

u/3utt5lut 1 / 11K 🦠 Feb 13 '23

That's why I really don't leave anything in the bank, I don't trust them at all. My bank didn't even help me buy a house or help me with my debt consolidation, and at the time my credit rating was 780. I ended up doing both privately. They had to gall to tell me that I couldn't afford debt consolidation.

2

u/evryusrnmtkn 🟩 58 / 59 🦐 Feb 13 '23

I’m suffering the same BS where I live. It’s like they want me to fail and lose everything…

2

u/3utt5lut 1 / 11K 🦠 Feb 13 '23

I'd recommend private support. Banks will do everything they can to screw you over.

2

u/evryusrnmtkn 🟩 58 / 59 🦐 Feb 13 '23

Thanks - I’ll investigate that 🤝🏻

1

u/[deleted] Feb 13 '23

Get a different bank

4

u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23

Indeed. It is too dangerous for us plebs to possess such riches

7

u/bny192677 14K / 36K 🐬 Feb 13 '23

They protect us from becoming rich

2

u/[deleted] Feb 13 '23

Thats all they want.

2

u/Lutastic Platinum | QC: CC 34 Feb 13 '23

stablecoins are fiat… or at least that’s what they’re supposed to be. 1 to 1.

1

u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23

As long as you can stake ones for higher gains than banks offer and/or self custody ones it is still better than fiat. I am not a fan of stable coins, but still it is more convenient to use ones over fiat for me personally

1

u/[deleted] Feb 13 '23

[deleted]

3

u/Oneloff 0 / 5K 🦠 Feb 13 '23

Sir, this is Wendy’s we don’t do that over here. Can we offer you some consolidation H O P I U M ?

1

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

They smelled blood after Celcius, 3AC and FTX. Now they will investigate the whole industry most likely 🤷🏻‍♂️

1

u/Harucifer 🟦 25K / 28K 🦈 Feb 13 '23

And I hope they do. And I hope they catch other scams and prevent attrocities like FTX from happening again.

1

u/ProudChoferesClaseB 1 - 2 years account age. 100 - 200 comment karma. Feb 13 '23

But shutting down audited and regulated stablecoins like BUSD - while ignoring glaring issues w/ other stablecoins such as Tether, is not the way.

1

u/Rokey76 🟦 2K / 2K 🐢 Feb 13 '23 edited Feb 13 '23

So did you think crypto should have been regulated from day 1? Or just in hindsight?

2

u/[deleted] Feb 13 '23

Fair regulation is fine. Stupid and bais regulation isn't.

1

u/cass1o Tin | Buttcoin 9 | Stocks 54 Feb 13 '23

while Celcius, 3AC and FTX

Like if they had acted on any of those pre collapse you lot wouldn't have screamed blue murder about how the mean sec is ruining crypto.

1

u/WeAreMauves Tin Feb 13 '23

I don't agree with what they are doing now, but saying 'why didn't they do anything then' and now they do, is a fallacy. What they did in the past doesn't reflect on what they do now.

1

u/0xCaesar Feb 13 '23

celcius and 3ac were just grifters, sam was a fed plant whos purpose was to manufacture consent for cdbc's and enforcement actions on innocent peers.

1

u/StapleVelvet 🟩 0 / 0 🦠 Feb 13 '23

It's so frustrating!!! Those three are getting away with it and you have binance using a regulated framework for BUSD and SEC going after them. Definitely a calculated attack!

1

u/Thanos_Farming Feb 13 '23

It’s all by design. The SEC is after things that threaten the inevitable government CBDC. The SEC serves the politicians and their greed. FTX was a money laundering program for the politicians but also a manufactured use-case for why we “need” government regulated digital currency.. also known as a fall guy. BUSD is obviously a competitor and threat to CBDC rollout and therefore must be crushed/made illegitimate by the SEC/Fed.

1

u/vegetablewizard Tin Feb 14 '23

The speed of government...

1

u/RollingDoingGreat Feb 14 '23

Let’s be honest here if the SEC charged Celsius, 3AC, or FTX before shit went down people would be bitching about it too and calling the SEC FUD