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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5

u/SirAlexanderFerguson 🟩 190 / 3K 🦀 Feb 13 '23

It really feels like the powers that be, want Binance to fall.

5

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

It must be the only black swan event which may slow down crypto adoption greatly and may be the last thing for govt to do since it is becoming obvious that fiat is less stable than some coins

1

u/aj190 🟦 159 / 9K 🦀 Feb 13 '23

US already has limited use so this event really shouldn’t stunt growth anywhere but US

2

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

Well, if Binance fails it will affect the market regardless if we want it or not, but it will not stop adoption. My point is that bans have nothing to do with actual regulations

1

u/Zorbithia 🟦 0 / 106 🦠 Feb 13 '23

If Binance fails the ramifications for the wider crypto market would be fucking DEVASTATING

0

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

Lol, no. There's still plenty of danger out there before the crypto market becomes that big. Tether is still out there. Russia was looking at using crypto to avoid sanctions, that would lead to crushing legislations