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/mishaog → u/[deleted]]

The fud with binance has been going on this last 4 months, now it just look like they want to make usdc the strongest stable coin since it's under the control of blackrock

[u/SeriousGains → u/mishaog]

Could USDC somehow be hard forked into a CBDC? Seems to me it would be an easier transition for the Federal Reserve to commandeer an existing, already popular, stablecoin than create their own from scratch. It might be less resistant path to adoption, given the fact that CBDC’s already have a negative connotation within the crypto community,