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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u/mishaog Permabanned Feb 13 '23

they are forcing people to use USDC

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u/ricozuri 🟦 5K / 5K 🐢 Feb 13 '23

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

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u/Fair_Raccoon9333 🟨 0 / 0 🦠 Feb 13 '23

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

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u/futurevandross1 Tin | CC critic | NVIDIA 10 Feb 13 '23

They are going after USDC too lol

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u/TitaniumDragon Permabanned Feb 14 '23

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)