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Binance CEO CZ Reports “BUSD Situation” After Regulatory Attack

by Index Investing News
February 17, 2023
in Cryptocurrency
Reading Time: 2 mins read
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Changpeng Zhao (CZ), Binance CEO has always been vigilant against market FUD. In this pursuit, CZ went on to explain the BUSD situation and the drop in its market capitalization. Earlier, U.S. Securities and Exchange Commission (SEC) sent out a notice to Paxos alleging BUSD is an “Unregistered security”.

Binance USD Market Cap slides

As per the data, Binance USD (BUSD) market cap has dropped by $2.45 billion over the past few days. BUSD market cap has come down to $13.7 billion from $16.1 billion since the U.S. SEC issued the advisory.

However, most of the funds have been moved to Tether (USDT), the largest stablecoin, from the BUSD. Binance CEO mentioned that the USDT market cap has jumped by $2.37 billion, while the USDC market cap saw a decline of $739 million. He termed this slide as Landscape is shifting.

Stablecoins holds $137.1 billion as the cumulative market cap out of the total digital asset market cap of $1 trillion. However, stablecoins 24 hours trading volume is up by 6% to stand at $73.9 billion.

In a recent AMA, Binance CEO, CZ stated that the New York State Department of Financial Services (NYDFS) in the notice posted on the website instructed Paxos to ensure a 1:1 pegging. While it also asked them to ensure customers’ ability to redeem their funds.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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