![]() ![]() when it failed Friday after a bank run by customers. Silicon Valley Bank was among the 20 largest banks in the U.S. ![]() The depegging event was triggered by the ongoing crisis surrounding the collapse of the Silicon Valley Bank (SBV), where the firm holds about $3.3 billion. USDC regains USD pegįurthermore, Binance's decision comes hot on the heels of the USDC stablecoin depegging from its intended $1 price. ![]() ![]() It's worth noting that last September Binance began auto-converting USDC deposits into its native BUSD-effectively delisting the rival stablecoin.ĭecrypt reached out to Binance for additional comments but was yet to hear back by press time. Transactions are continuing to be executed at the time of writing. The ETH address shared by CZ shows some substantial transfers over the past few hours, with the original wallet almost emptied at the time of this writing. It is not immediately clear how much money from Binance's fund has been converted or is earmarked to be converted into the mentioned coins. Paxos announced it would halt BUSD minting and "end its relationship with Binance," for the stablecoin. The move also comes in the wake of Paxos, BUSD's owner and issuer, being hit by a lawsuit from the United States Securities and Exchange Commission (SEC), with the agency claiming last month that the firm violated investor protection laws. Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. As of publishing time, BNB was trading at US$298.61, down 7.5% over the past week, according to CoinGecko data.$0.00034253 0.44% Terra Classic (Wormhole) The burn appears to have had little impact on the price of BNB.The amount of BNB burned is based on Binance’s overall quarterly trading volume. According to the Binance website, the quarterly BNB burns are intended to permanently reduce the supply of BNB, thereby increasing its value. Binance has committed to “burning” - permanently removing from circulation - 100 million BNB, or half of the token’s total supply. Binance today completed its 16th quarterly Binance Coin token burn of 1,296,728 BNB, equivalent to around US$393.6 million.Faced with the regulatory onslaught, Binance, which has grown its international compliance team and advisory board by 500% since last year, intends to double that team’s size by the end of the year.In the UK, the Financial Conduct Authority’s warning has resulted in companies such as Barclays bank blocking customers from making deposits to Binance, payments provider Clear Junction stopping the processing of transactions for Binance, and Binance suspending euro deposits via the EU’s single euro payments area bank transfers.On July 16, Hong Kong and Lithuania joined a growing list of jurisdictions that have issued warnings or launched investigations of Binance, including the Cayman Islands, Germany, It a ly, Japan, Poland, Thailand, the United Kingdom and the United States. Binance has come under fire from regulators around the world for its stock tokens and derivatives trading services, as well as its know-your-customer practices.A new chapter awaits us, as we embrace compliance and regulations,” said CZ as he concluded his tweet thread. We understand this and have the skills, experience, and leadership to overcome them.” “There are many risks involved in running an exchange. “Never easy,” Zhao tweeted, referring to an extract from the Binance white paper.Changpeng “CZ” Zhao, the CEO of Binance - the world’s largest cryptocurrency exchange by trading volume - today said it was “never easy” running a crypto exchange in a series of tweets about key products Binance has launched over the past four years. ![]()
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