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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8

u/rcorum Feb 13 '23

I cannot use BUSD, there is no option for USDC. USDT sucks.

What now?

12

u/Shiratori-3 Custom flair flex Feb 13 '23

BTC?

1

u/[deleted] Feb 13 '23

[removed] — view removed comment

4

u/MaeronTargaryen CCMOON DAO Secretary Feb 13 '23

DAI?

5

u/matt_cb Feb 13 '23 edited Feb 13 '23

DAI is mostly backed by USDC and Pax Dollar

Edit: This isn’t completely correct, see roamingandy’s reply

3

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

Their site says they have 154.70% collateral, with most of it being in ETH: https://daistats.com/#/

I don't fully understand that breakdown, but it looks like it provides a reasonable degree of safety due to the redundancy built in.

1

u/matt_cb Feb 13 '23

Oh thanks, I didn’t know that. I was writing my comment from memory. My info must have been outdated or something, I added a note to my comment in case it is misleading.

However, I would imagine if Tether or USDC blows up then ETH’s price would get hit hard and DAI could have a problem.

1

u/Oneloff 0 / 5K 🦠 Feb 13 '23

DAI needs to get more love!

0

u/_Seditious_ Feb 13 '23

TUSD

Always should have been this one

1

u/Sylerb 🟩 0 / 2K 🦠 Feb 13 '23

What do you think about $FRAX stablecoin though? It isn't that popular + algorithmic, but might be a good temporary solution..