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Binance’s CZ Thinks USDC’s Circle Not Behind Action On BUSD

Welcoming India's active efforts towards crypto regulation, Binance CEO CZ said any kind of guidelines are better than not having any.
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Binance’s CZ Thinks USDC’s Circle Not Behind Action On BUSD

In the wake of the regulatory action against the issue of BUSD and the involvement of Binance and Paxos in it, Binance CEO CZ spoke to the audience in an Ask Me Anything event on Tuesday. He said Binance lost access to banking partners due to restrictions from regulators, due to which the USD withdrawals had to be paused. With restrictions on BUSD in the US, CZ believes there will be room for more dollar based stablecoins and Binance will support them.

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Tight Crypto Regulation

Talking about the stringent guidelines for crypto space in many countries, the Binance CEO said it was natural for governments to first tighten policy around new inventions. He said the first draft would always be overly tight before iterations will lead to loosening in the regulatory framework. CZ said Binance was working with many regulatory bodies and global industry associations about web 3.0 regulation.

Also Read: These 5 Cryptocurrency May Boost Post U.S. CPI Data

CZ also spoke about the recent regulatory action involving the BUSD stablecoin. Reports suggested that USDC issuer Circle tipped off officials at the New York State Department of Financial Services about the alleged irregularities in crypto reserves to support BUSD. The Binance CEO said he likes to believe Circle did not do so as it would hurt them too.

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India Crypto Regulation

CZ welcomed India’s move to have a common regulatory framework for crypto market regulation among the G20 nations. He said having any regulatory framework is better than not having any clarity. The country’s administration, which currently holds the G20 presidency, is actively in discussion with the member countries about regulating the web 3.0 space. Read More for crypto news

In a welcome move that indicates giving enthusiasts freedom to operate in the space, the country’s finance minister Nirmala Sitharaman recently said crypto predominantly involves a lot of technology, “it’s 99% technology.” Work is on to achieve a standard operating procedure, she said.

“Having clarity is more important that not having any guidelines. In many markets, there are no guidelines but regulation is done by force. However, having guidelines doesn’t mean all of that is good.”

Also Read: Whales Move 533 Million XRP As This Exchange Announces Listing

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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