The maneuver is a sign of investors exiting BUSD quickly following Paxos' announcement that it would halt issuing the Binance-branded stablecoin due to regulatory pressure. sndr_krisztian writes
on Monday that it would stop issuing the cryptocurrency amid mounting regulatory pressure, blockchain data shows.
Data from blockchain intelligence firm Nansen shows that a Paxos Treasury crypto wallet transferred $703 million worth of BUSD tokens to a burn address within 27 hours starting Monday morning, essentially removing the coins from circulation.from blockchain monitoring tool Etherscan shows – less than two hours after the announcement. Eight more transactions followed in the next 27 hours, worth some $559 million.
BUSD is a dollar-pegged stablecoin backed by short-term treasuries and cash-like assets, so holders can redeem the token 1:1 to a U.S. dollar anytime. U.S.-based fintech firm Paxos issues the token according to regulation from the New York Department of Financial Services, the state’s main financial regulatory agency.
The maneuver is a sign of investors exiting BUSD quickly. The $700 million redemption in a little more than a day represents some 6% of the total coins in circulation. Changpeng “CZ” Zhao, chief executive of Binance, the world’s largest crypto exchange by trading volume,News broke on Monday morning that the U.S. Securities and Exchange Commission had
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Paxos to stop minting BUSD stablecoins for BinancePaxos customers will be able to redeem their funds in USD and convert their BUSD tokens to another Paxos-issued stablecoin, Pax Dollar.
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Crypto Update | SEC Sues Paxos, Binance’s BUSD DepegsListen to this episode from Markets Daily Crypto Roundup on Spotify. With bitcoin testing $20K in wake of the second week of the SEC’s attack on crypto, plus a look at Bitcoin’s information symmetry, CoinDesk’s “Markets Daily” is back with the latest news roundup.Today's Stories...Read the full show notes here.Featured Story: Bitcoin, Markets and the Symmetry of Information-Join CoinDesk’s Consensus 2023 - the most important conversation in crypto and Web3 - happening April 26 through 28 in Austin, Texas. Consensus is the industry’s only event bringing together all sides of crypto, Web3 and the metaverse. Immerse yourself in all that blockchain technology has to offer creators, builders, founders, brand leaders, entrepreneurs and more! Use code MARKETSDAILY to get 15% off your pass. Visit consensus.coindesk.com or check the link in the show notes.-This episode was edited & produced by Adrian Blust with original music by Doc Blust & Colin Mealey.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacydo-not-sell-my-info.
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Binance Withdrawals Surge as Paxos-BUSD Drama Weighs on the ExchangeBinance has endured some $828 million of net outflow in the past 24 hours. Monday’s outflow is the largest in a day since November, surpassing withdrawals in December that occurred amid fears about Binance reserves. sndr_krisztian reports
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Binance withdrawals and BUSD redemptions surge post Paxos crackdownAction by the U.S. SEC and the New York DFS against BUSD and its issuer Paxos has seen investors withdraw billions from Binance in the last day.
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Paxos to Stop Issuing Dollar-Pegged Token BUSD$BUSD is already losing its $1 peg following the halting of issuance operations announced by Paxos
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SEC lawsuit against Paxos over BUSD baffles crypto communityOne community member called out SEC chairperson Gary Gensler and said that the official is on an “unhinged, unchecked crusade against crypto.”
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