🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Binance CEO Highlights that Crypto Exchange will Continue to Support BUSD

Binance CEO Highlights that Crypto Exchange will Continue to Support BUSD

Changpeng Zhao issues a lengthy Twitter thread commenting on the latest BUSD-related news.

Changpeng “CZ” Zhao, a co-founder and chief executive officer (CEO) of cryptocurrency exchange Binance, revealed that the firm will continue to support Binance USD (BUSD) “for the foreseeable future.”

According to the Twitter thread shared on February 13th, Zhao noted that the company understands that in the future, users will migrate “to other stablecoins over time” and will “make product adjustments accordingly.”

What Are Oracles in Crypto? (Beginner Friendly Animation)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What Are Oracles in Crypto? (Beginner Friendly Animation)

What Are Oracles in Crypto? (Beginner Friendly Animation) What Are Oracles in Crypto? (Beginner Friendly Animation)

Binance CEO noted that the stablecoin issuer informed Binance that the New York Department of Financial Services instructed Paxos to cease the issuance of Binance USD (BUSD). Therefore, CZ highlighted that inevitably, “BUSD market cap will only decrease over time.”

On top of that, Changpeng Zhao claims that Binance received reassurance from Paxos that funds are safe and fully “covered by reserves in their banks, with their reserves audited many times by various audit firms already.”

Binance's CEO also commented on the rumors about US Securities and Exchange Commission's lawsuit. Changpeng Zhao claims he has “no information” about the matter except for the news circulating in the public news articles.

However, CZ believes that if US authorities determine that BUSD is indeed security, “it will have a profound impact on how the crypto industry will develop (or not develop) in the jurisdictions where it is ruled as such.”

At the end of its Twitter thread, the head of Binance noted:

Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from any undue harm.

Chanpeng Zhao’s comments come hours after the news broke that the New York financial regulator ordered Paxos to stop issuing Binance USD (BUSD). Following the news, Paxos issued a press release revealing that it will stop its partnership with Binance and cease the issuance of new BUSD tokens on February 21st.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating