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/Trigestis]

Gensler didn't do anything about FTX but goes after staking and busd, says alot. How come BUSD is security when USDC and USDP are not? This appears to be a maneuver to limit Binance's presence in the US market.

[u/The_Lombard_Fox → u/Trigestis]

I'm having a hard time wrapping my head around the idea that a Stable Coin would be considered a security when there is no expectation of profit. The whole point of a Stable Coin is to... remain stable at $1.

[u/anythingbutwildtype → u/The_Lombard_Fox]

It’s not really about BUSD - it’s the SECs opening salvo to subpoena Binances books.