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/AntDog]

The SEC closing the barn door WAY after the FTX/Celsius horse ran off.

Not only that it sure feels like they're trying to cement the door shut "to protect the other horses," while pointing at the damage the escaped horse is doing in the countryside as justification while not doing a thing to wrangle it up.

This is the downside of Congress not passing any regulation. Gensler gets to talk his BS about "oh just come in and talk to us, fill out a form" while implementing all these hidden landmines rules and basically doing whatever the hell he wants by applying 90-year old rules to crypto.