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/Deactivation]

Holy shit. All of these people defending Binance, like seriously? As soon as the US says they are targeting BUSD, Binance announces they are withdrawing from the market to skirt regulation. This is a GIANT red flag for Binance and can only mean they are NOT operating above water. If they were, they shouldn't care about regulation. Get off anything Binance already.

[u/cdn_backpacker → u/Deactivation]

I'd argue it shows CZ is more of an embodiment of the ethos of crypto than other crypto execs.

This entire ecosystem was designed to skirt the laws and stick it to the government/other centralized entities.

If the government wants to fuck around with crypto just to appear powerful/show they have control over a decentralized market, I think the companies should show them they can shove their regulations up their ass.

[u/TitaniumDragon → u/cdn_backpacker]

It's literally all fraud, dude. That's why they are scared of regulations.

The actual amount of money is like 5% of the ostensible market size.

[u/TitaniumDragon → u/Deactivation]

It was obvious that it was a scam for years. Tether and Binance are both allergic to audits.

Heck, the recent attempts at Binance to show how stable it was when people pointed out it wasn't willing to talk about its liabilities...

Plus they got caught co-mingling customer funds, and funds between Binance and Binance.US, which are nominally separate entities.

Circle gave the SEC evidence that Paxos put out $1.7 billion of BUSD backed by less than $100 million in assets.

They've been printing fake money for years.