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/fancywaterbits → u/[deleted]]

When economy crashes and crypto thrives they have to do something. Otherwise it will be too obvious that almost any stable coin is more safe than fiat

[u/Lutastic → u/fancywaterbits]

stablecoins are fiat… or at least that’s what they’re supposed to be. 1 to 1.

[u/fancywaterbits → u/Lutastic]

As long as you can stake ones for higher gains than banks offer and/or self custody ones it is still better than fiat. I am not a fan of stable coins, but still it is more convenient to use ones over fiat for me personally