Binance USD(BUSD)

This week, the Euler Finance protocol was hacked, resulting in the loss of millions of dollars of crypto. The attacker turned down the protocol’s offer of retaining 10% and has started mixing the funds to obfuscate them. Keep reading to find out more. Bitcoin Bitcoin has pushed through the $25,000 major resistance level. However, the charts suggest it could be at or near its top for now. Ethereum Ethereum developers have completed the final round of testing for the network prior to the Shapella upgrade. DeFi The Euler Finance protocol was hacked, with millions of dollars of $DAI, $USDC, $StETH, and $WBTC stolen in a flash loan attack. The hacker who exploited the Euler Finance protocol has turned down the platform’s offer of retaining 10% by mixing 1000 ETH in Tornado Cash. The world’s largest decentralized exchange Uniswap has officially launched its services on the EVM-compatible smart contract blockchain, BNB Chain. Altcoins The Arbitrum Foundation announced that it would be airdropping its new token ARB to the community on the 23rd of March. Technology Microsoft is reportedly testing the integration of a Web3 wallet into its Edge browser, according to software documenter and info leaker Albacore. The Worldcoin project has announced the launch of World ID, a digital identity solution based on zero-knowledge proofs. The European Union published a document, specifically The Common Union Toolbox for a Coordinated Approach Towards a European Digital Identity Framework: The European Digital Identity Wallet Architecture and Reference Framework, or ARF. According to a Bloomberg report, Coinbase is exploring the option of setting up a crypto trading platform outside the U.S. as part of an aggressive expansion campaign. The issuer of the USDC stablecoin, Circle, has stated that it has cleared “substantially all” of the redemption and minting requests for USDC. Innovation-focused fund manager Ark Invest has raised over $16 million for a new crypto fund that will be divided between the company’s domestic version and its Cayman Islands version. According to an announcement by the Federal Reserve, New York-based Signature Bank, which had several clients in the cryptocurrency space, was shut down by state regulators. According to the NYDFS, the shutdown of the Signature Bank is not related to its cryptocurrency dealings. Banking system instability caused widespread panic over the last few days while crypto networks continued operating without missing a beat. The Industry Recovery Initiative launched by Binance after the FTX collapse will now be converted from BUSD to BTC, ETH, and BNB. Circle has stated that it held an undisclosed portion of its $9.8 billion cash reserves at the failed Silicon Valley Bank as of 17th January 2023. Regulation Hong Kong is making significant strides towards becoming a global crypto hub, with the latest developments indicating that the city is positioning itself as an attractive destination for crypto-related businesses. A class action lawsuit is claiming that prominent finance YouTubers who promoted the FTX exchange on their channels should be held accountable. Congressman Tom Emmer sent a letter to the FDIC Chairman asking for clarification that the FDIC has instructed banks not to provide banking services to crypto clients. Former Monero lead maintainer Riccardo Spagni, who was extradited from the U.S. to South Africa in July last year, was served with a denial for his appeal to declare his extradition as unlawful. The European Parliament has voted in favor of proposed legislation that will challenge the immutability of smart contracts. The FBI is the latest agency to commence an investigative probe against Terraform Labs and its disgraced founder and CEO, Do Kwon. Labeled the third-biggest ‘bank failure’ in history, the Signature bank was actually solvent when taken over by regulators on Sunday. Did regulators seize their chance to cut off crypto banking? NFT According to a recent announcement, Meta has reached the end of the road for its NFT projects on Facebook and Instagram. Security NFT marketplace OpenSea recently addressed a vulnerability in their code that could be exploited to leak user data. The Hedera network has stopped all access to its wallet and app as it investigates technical irregularities, which could be due to a possible exploit in its smart contracts. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Binance assured its users that this change will not impact them in any way, and that their funds will continue to be held in publicly verifiable addresses.

Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) could soon receive a significant boost in price fuelled by the mass conversion of the funds from Binance. On his Twitter, Binance CEO Changpeng Zhao announced the move to convert $1 billion Industry Recovery Initiative funds from BUSD to ‘native crypto’, such being Bitcoin and Ethereum alongside […]

Coinbase assured users that their BUSD funds will remain accessible and that they will still be able to withdraw funds at any time.

Cryptocurrency exchange Coinbase (COIN) has delisted the Binance USD (BUSD) stablecoin, according to a tweet on Monday.

Binance CEO says with recent “changes” in stablecoins and banks, the company’s recovery fund will be converted from BUSD to “native cryptos" such as BTC.

After crypto exchange FTX collapsed in November, Binance established the “Industry Recovery Initiative”, which contains $1 billion in BUSD. Binance CEO Changpeng Zhao announced that the funds will now be converted to BTC, ETH, and BNB. When the infamous crypto exchange FTX collapsed in November, Binance announced the “Industry Recovery Initiative”- a fund to aid struggling crypto projects reeling from a liquidity crisis due to the FTX fallout. Binance’s initiative contains $1 billion worth of Binance USD Coin (BUSD) which could at any time be converted to Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). Changpeng “CZ” Zhao recently announced on Twitter that the funds will now be converted. CZ took to the social media platform and suggested that the recovery initiative funds be converted to BTC, ETH and BNB. 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. Some fund movements will occur on-chain. Transparency. — CZ

Binance tapped into its Industry Recovery Initiative funds to cover the move.

The issuer of the second-largest stablecoin Circle has stated that it held an undisclosed portion of its $9.8 billion cash reserves at the failed Silicon Valley Bank as of 17th January 2023. Circle Still Has $3.3 Billion Held Up At SVB According to Circle’s latest attestation, the US-based stablecoin issuer holds a part of the USDC’s cash reserves at Silicon Valley Bank. USDC has a circulating supply of around $43 billion, fully backed by government bonds and cash-like assets. According to the company’s January reserve report, the firm held nearly $10 billion in cash at various regulated banks to shore up USDC’s value. On 10th March, cash deposits in its reserves stood at $11.1 billion, according to its website. USDC’s banking partners included Silicon Valley Bank, Citizens Trust Bank, Bank of New York Mellon, Customers Bank, New York Community Bank, Signature Bank, and Silvergate Bank. Circle also holds a part of its reserves in a dedicated BlackRock fund. USDC Concerns Concerns around USDC have been growing recently after it emerged in Circle’s latest audit that as of 31st January 2023, $8.6 billion, around 20% of its reserves, were held up at various financial institutions. These include the recently bankrupt Silvergate and now shuttered Silicon Valley Bank. However, Circle had stated last week that it had cut all ties with Silvergate bank. In an attempt to assuage fears and provide transparency, Circle stated that it had initiated wire transfers on Thursday to remove balances from SVB. However, these were not yet processed, leaving around $3.3 billion of its reserves stuck at the bank. Circle tweeted, stating, “Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.” USDC Conversions Paused Piling on further misery on Circle, shortly after the USDC issuer’s announcement, Coinbase stated that it is temporarily pausing USDC:USD conversions over the weekend. The exchange released a statement on Twitter, stating, “We are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to re-commence conversions.” A little later, Binance also stated that it was temporarily suspending the conversion of USDC to BUSD due to “ongoing market conditions” related to high inflows and difficulty in supporting the conversion. However, the exchange called it a routine risk management step. “Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion. This is a normal risk-management procedural step to take while we monitor the situation.” Clamor For Continuity Grows Circle also joined calls by other depositors and customers of SVB for the bank’s continuity, stating that it is important for the larger U.S. economy. The firm also stated that it would be following the guidance provided by state and federal regulators. “Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow the guidance provided by state and Federal regulators.” Further adding to this statement, Circle’s Chief Strategy Officer and head of global policy, Dante Disparte, stated, “@circle is currently protecting #USDC from a black swan failure in the U.S. banking system. @SVB_Financial is a critical bank in the U.S. economy, and its failure - without a Federal rescue plan - will have broader implications for business, banking, and entrepreneurs. We join the calls from policymakers, regulators, investors, businesses, and, most of all, people who rely on a well-functioning U.S. banking system as a condition precedent of a growing economy.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Crypto borrowing and lending platform Aave is moving closer to offboarding Binance's troubled stablecoin BUSD.

The recent action from Binance comes in the wake of the NYDFS ordering BUSD issuer Paxos to stop minting new coins.

US regulatory agencies labeling BUSD as an "unregistered security" has caused a stir in the industry.

Chatcasso won the first prize in the BNB Chain hackathon for creating an AI-powered tool for creating NFTs and won $5,000 in BUSD, held in Seoul between Dec. 17 to 19, 2022.

As it stands today, BUSD's market cap has fallen by nearly $14 billion since its all-time high of $23.49 billion on Nov. 15, 2022.

Following the SEC’s notice to Paxos to stop minting Binance USD (BUSD), only a handful of options remain for the issuing entity, each potentially changing the entire stablecoin ecosystem. On Feb 13, the U.S. Securities and Exchange Commission (SEC) announced that it was opening an investigation into the issuance of BUSD on allegations that it […]

Coinbase CEO Brian Armstrong said the exchange decided to suspend trading of Binance USD (BUSD) because the company had concerns about its liquidity.

San Francisco-based cryptocurrency exchange Coinbase is kicking Binance USD (BUSD) off its platform.

In Todays Headline TV CryptoDaily News: Coinbase to delist Binance USD stablecoin. Cryptocurrency exchange Coinbase warned customers the company will suspend trading for Binance USD in less than a month, two weeks after Paxos Trust disclosed it will stop minting the Binance-branded stablecoin, citing regulatory pressure. Crypto lawyers flame Gensler over crypto=securities claims. SEC chair, Gary Gensler, stated all cryptocurrencies besides Bitcoin are securities under his agency’s jurisdiction, but crypto lawyers have quashed the claim saying it's up to the courts to decide. BTC keeps pushing. Bitcoin keeps pushing for a bullish end to February as the monthly close starts another week’s price action. The largest cryptocurrency looks set to preserve its gains as it closes the second month of 2023 — and keeps bulls’ hopes alive. BTC/USD fell 0.5% in the last session. The Bitcoin-Dollar pair fell 0.5% in the last session. The Ultimate Oscillator is giving a negative signal. Support is at 22851.3333 and resistance at 24023.3333. The Ultimate Oscillator is currently in negative territory. ETH/USD dropped 0.7% in the last session. The Ethereum dropped 0.7% against the Dollar in the last session. The Williams indicator is giving a negative signal. Support is at 1566.2167 and resistance at 1686.4767. The Williams indicator is currently in the negative zone. XRP/USD saw a minor rise of 0.2% in the last session. The Ripple-Dollar pair made a minor upwards correction in the last session, rising 0.2%. The Stochastic-RSI indicates an oversold market. Support is at 0.3717 and resistance at 0.3837. The Stochastic-RSI is signalling an oversold market. LTC/USD plummeted 1.7% in the last session. The Litecoin-Dollar pair dove 1.7% in the last session. The Stochastic-RSI indicates an oversold market. Support is at 91.7967 and resistance at 97.2567. The Stochastic-RSI points to an oversold market. Daily Economic Calendar: US S&P/Case-Shiller Home Price Indices The S&P/Case-Shiller Home Price Indices examines changes in the value of the residential real estate market in 20 regions across the US. The US S&P/Case-Shiller Home Price Indices will be released at 14:00 GMT, the US Chicago Purchasing Managers' Index at 14:45 GMT, Australia's Retail Sales at 00:30 GMT. US Chicago PMI The Chicago Purchasing Managers Index released by ISM-Chicago captures the business conditions across Illinois, Indiana and Michigan. AU Retail Sales The Retail Sales measures the total receipts of retail stores. Monthly percent changes reflect the rate of change of such sales. JP Construction Orders The Construction Orders released by the Ministry of Land, Infrastructure, Transport and Tourism shows the number of orders received by construction companies. Japan's Construction Orders will be released at 05:00 GMT, the Dutch Retail Sales at 05:30 GMT, Japan's Annualized Housing Starts at 05:00 GMT. NL Retail Sales The Retail Sales measures the total receipts of retail stores. Monthly percent changes reflect the rate of change of such sales. JP Annualized Housing Starts The Annualized Housing Starts captures how many new single-family homes or buildings were constructed on an annualized basis. It is a key indicator of the housing market. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Users can still withdraw their BUSD, but trading for the stablecoin ends next month.

The San Francisco-based cryptocurrency exchange referred to its "listing standards" in a tweet.

Coinbase will suspend trading of Binance USD (BUSD) starting March 13 because the stablecoin doesn’t meet its listing standards, the U.S. cryptocurrency exchange said in a tweet Monday.

The SEC’s enforcement action against BUSD raises questions about whether the regulatory body is focused on the stablecoin market or the crypto exchange Binance.

Following the SEC’s notice to Paxos to stop minting Binance USD (BUSD), only a handful of options remain for the issuing entity, with each having the potential to change the entire stablecoin ecosystem. On Feb 13, the U.S. Securities and Exchange Commission (SEC) announced that it was opening an investigation into the issuance of BUSD […]

Of all the Securities and Exchange Commission’s actions against crypto entities that have stirred the industry’s ire, the agency’s recent move forcing New York-based Paxos to cease issuing its partner Binance’s BUSD stablecoin is the most deserving of an outcry. How, critics rightfully asked, can a token that’s explicitly designed not to fluctuate in price be considered a security?