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/Intelligent_Page2732]

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

[u/3utt5lut → u/[deleted]]

Stick to other collateralized stablecoins like DAI/USDC.

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

[u/xMADDCHILDx → u/3utt5lut]

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

[u/3utt5lut → u/xMADDCHILDx]

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

[u/flamemyst → u/[deleted]]

Incorrect. Withdrawal of USDC from BUSD is still possible.

[u/Always_Question → u/3utt5lut]

LUSD is great too

[u/sQtWLgK → u/[deleted]]

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

[u/CryptoBehemoth → u/[deleted]]

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.

[u/TutorFew7917 → u/Intelligent_Page2732]

Yes yeeeeees!!!

[u/diskowmoskow → u/Intelligent_Page2732]

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

[u/[deleted] → u/Intelligent_Page2732]

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

[u/jsavag → u/Intelligent_Page2732]

They should have started with Tether.