Binance CEO CZ Reports “BUSD Situation” After Regulatory Attack
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.
CZ On BUSD Related Funds
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.
He added that the minting of new BUSD is halted, and the existing circulating supply stands safe. However, he bought up the increased regulatory tightening by the financial watchdogs. This has led multiple banks to withdraw their support from the crypto businesses.
Binance boss went on to say that the US SEC wouldn’t admit that this was the “hunting season” for them. The regulatory scrutiny and attention paid to crypto industry has comparatively increased.
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