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Binance Outflows and BUSD Redemptions Spike Following Paxos Crackdown
Summary: Cryptocurrency exchange Binance has seen net outflows of $788.5 million after news of regulatory action against Paxos broke. The BUSD token has also recorded redemptions of more than 300 million BUSD tokens over the last 24 hours, according to Peckshield. On Feb. 12, the United States Securities and Exchange Commission hinted potential enforcement action against ...
Cryptocurrency exchange Binance has seen net outflows of $788.5 million after news of regulatory action against Paxos broke.
The BUSD token has also recorded redemptions of more than 300 million BUSD tokens over the last 24 hours, according to Peckshield.
On Feb. 12, the United States Securities and Exchange Commission hinted potential enforcement action against Paxos for failing to register its BUSD stablecoin. The following day, the New York Department of Financial Services ordered Paxos to halt the issuance of the stablecoin.
A spokesperson for Binance said their funds are backed by a Secure Asset Fund for Users.
"We take our responsibility as a custodian seriously and maintain 1:1 backing for every user asset," the spokesperson said.
Author: Tris Bell
Tags: Binance,BUSD,Cryptocurrency Exchange,New York Department of Financial Services,Paxos,redemptions,Secure Asset Fund for Users,Securities and exchange commission,Stablecoin,Token
Link: Binance Outflows and BUSD Redemptions Spike Following Paxos Crackdown [Copy]
