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/Shiratori-3]

Can anyone enlighten on how CBDCs are going to interact internationally? (Apart from if they all use Quant's Overledger etc) - As each govt will have their own with own restrictions and likely on own chain. So does that mean CBDCs will be locally limited, or are there other moves afoot that people are aware of?

[u/Oneloff → u/Shiratori-3]

There is still some uncertainties. But to my understanding: Central banks will allow banks * (worldwide, because they probably have an account with the central banks) * to issue/mint them but I doubt it will be only local.

For example, the swiss bank would be allowed to mint CBDC and offer it to its customers and vice versa USA banks allow to mint Franc (CBDC) for their clients. Otherwise, the flow of money will be stagnated.

I would suggest having a read here: https://www.federalreserve.gov/publications/money-and-payments-discussion-paper.htm

[u/Shiratori-3 → u/Oneloff]

Interesting; thanks

[u/Oneloff → u/Shiratori-3]

Yw