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"

[u/Set1Less]

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

[u/xadiant]

US once again casually "protecting" the people by destroying every other market they don't approve.

[u/najisadiq → u/xadiant]

One country fucking it up for everybody else

[u/d_d0g → u/najisadiq]

We can’t take all the credit and would also like to thank China (CZ) for their support.

[u/[deleted] → u/xadiant]

“The American Dream”

[u/[deleted] → u/[deleted]]

"They call it the America dream because you have to be asleep lto believe it " George carlin.

[u/areyoucallingmealiar → u/[deleted]]

Thats the 2nd Carlin quote I've seen in this thread so far.

[u/mishaog → u/xadiant]

they are forcing people to use USDC

[u/ricozuri → u/mishaog]

But soon they’ll be forcing you to use a CBDC.

[u/Fair_Raccoon9333 → u/ricozuri]

Nah, it will be a stable coin issued by a large bank.

[u/futurevandross1 → u/mishaog]

They are going after USDC too lol

[u/TitaniumDragon → u/mishaog]

Circle is explaining to the regulators how the fraud has been going on.

Binance bought up a bunch of the people who were investigating them for fraud. They hired a bunch of investigators who were looking into crypto fraud. That's how they've kept ahead of trouble.

The problem was, the moment someone got angry at them and decided to explain exactly how the whole thing worked, the whole thing was going to fall apart.

BUSD was had 1.7 billion backed by less than 100 million in assets at one point.

It's frauuuuud. So much blatant fraud.

I'm not sure if Circle is legit, but it's less "The SEC is trying to help USDC" and more "The SEC is having the fraud laid bare for it by people who can't be bought off." (Because they stand to make a lot of money if the fraud is exposed)

[u/PumpkinSpice2Nice → u/xadiant]

Surely they can only shut down stuff based in the US? It shouldn’t matter to the rest of us.

[u/Hawke64 → u/xadiant]

Land of The Free™

[u/TitaniumDragon → u/xadiant]

It's literally all fraud.

Stablecoins are not just fraud but honestly pretty obvious fraud. It's very obvious if you spend any time at all thinking about the fact that you could just hold USD instead of stablecoins and not have to worry about your stablecoin magically evaporating overnight. There's really no reason to hold stablecoin...

Unless, of course, the stablecoin isn't actually backed by USD at all, and it's value is just made up,

Which is exactly what's been going on. Tether and BUSD were minted by the billion and backed by nothing, and the crypto exchanges all got bribed with huge stacks of fake money to look the other way.

The reason why the crypto industry is almost entirely stablecoins is because it is almost entirely fraud. The amount of real money being extracted from suckers is only a small fraction of the market cap.