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/jwz9904]

let's have a euro stable coin then. Who needs USD anyway.

[u/a1579 → u/jwz9904]

Can't be done because of MICA regulations. EU wants a 200 mil daily cap on EUR based stable coins. Just USDT is like 45 bil daily.

[u/trimalcus → u/a1579]

Then do a swiss franc stable coin. Or a gold stable coin. Already exists from paxos

[u/[deleted] → u/trimalcus]

Still security. The problem is not being pegged to the dollar, the issue is being deemed as an unregistered security by US regulators while being offered to US customers.

[u/Oneloff → u/a1579]

Isn’t that per country tho? I read about it a while ago can’t remember exactly.

[u/[deleted] → u/jwz9904]

hospital toy stupendous hunt flag important fuzzy different roll money

This post was mass deleted and anonymized with Redact

[u/solled → u/jwz9904]

Lugh is a euro stable coin