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Binance USD (BUSD) market cap has fallen below $10 billion for the first time in almost two years amid a United States regulatory crackdown on its token issuer and a planned delisting from a major crypto exchange.BUSD’s marketcap has been on a steep downward trajectory since its all-time high (ATH)
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CryptoX is a media outlet that strives for the highest journalistic standards and abides by a
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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, tweeted Monday that BUSD market
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Paxos issues the Pax dollar (USDP) and Binance USD (BUSD) tokens, the latter is a Binance-branded stablecoin. Binance, on its part, told CryptoX on Monday: “BUSD is a stablecoin wholly owned and managed by Paxos. As a result, BUSD market cap will only decrease over time.” Source
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“The crvUSD could be a very interesting development, as we haven’t yet seen a stablecoin that is issued by a major DEX,” (decentralized exchange) Daniel Zlotin, senior DeFi developer at Orbs, wrote in a Telegram message to CryptoX explaining crvUSD’s utility. Source
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Paxos "violated its obligation to conduct tailored, periodic risk assessments and due diligence refreshes of Binance and Paxos-issued BUSD customers to prevent bad actors from using the platform," a spokesman with the regulator told Reuters, saying the token wasn’t being administered in a “safe and sound” manner. Source
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The New York Department of Financial Services (NYDFS) has ordered blockchain company Paxos Trust to stop the issuance of dollar-pegged Binance USD (BUSD) stablecoin. The New York regulator’s actions come shortly after the United States Securities and Exchange Commission (SEC) issued a wells notice to Paxos — a letter the regulator uses to tell
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Without Custodia in this mix of bank-related crypto news, I’m not sure this piece of the news cycle would have anything worth paying close attention to for long. A lot of crypto is predicated on trading, gambling and “number-go-up technology” butting up against nebulous financial securities laws – so skittishness
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The overall market capitalization of stablecoins fell for a 10th consecutive month in January, to $137 billion, according to a report by research group CryptoCompare. Stablecoin dominance within the broad cryptocurrency market dropped to 12.4% from its all-time high of 16.5% in December, suggesting traders have been rotating from stablecoins
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