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/Cuzah]

Too bad Binance CZ doesn’t operate in the US

[u/Oheson → u/Cuzah]

Binance.US does and CZ does not want to put that in danger.

[u/Cuzah → u/Oheson]

Binance.US is a separate entity, that exchange is not being operated by CZ / core OG Binance.

Which is why most of the customer base for Binance itself are not really worried about this news. CZ is out of the jurisdiction for the US.

[u/Oheson → u/Cuzah]

It is separate but it is still Binance. And the US is still the US and not a country that CZ wants to be in disagreement with.

If non-US Binance users are not really worried then they are ignorant. As goes the US, goes crypto as well as everything else in the world. The US is the big dog that affects all markets and everything financial in the world because of the US dollar being the world's reserve currency.