{"id":551279,"date":"2023-02-13T14:23:30","date_gmt":"2023-02-13T11:23:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-to-support-busd-while-exploring-non-usd-stablecoins-cz-says\/"},"modified":"2023-02-13T14:23:30","modified_gmt":"2023-02-13T11:23:30","slug":"binance-to-support-busd-while-exploring-non-usd-stablecoins-cz-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-to-support-busd-while-exploring-non-usd-stablecoins-cz-says\/","title":{"rendered":"# Binance to support BUSD while exploring non-USD stablecoins, CZ says"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2e6f400ff2d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2e6f400ff2d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-to-support-busd-while-exploring-non-usd-stablecoins-cz-says\/#%E2%80%9D_Binance_to_support_BUSD_while_exploring_non-USD_stablecoins_CZ_says_%E2%80%9C\" >&#8221; Binance to support BUSD while exploring non-USD stablecoins, CZ says  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_to_support_BUSD_while_exploring_non-USD_stablecoins_CZ_says_%E2%80%9C\"><\/span>&#8221; Binance to support BUSD while exploring non-USD stablecoins, CZ says  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMWY4MjljNGEtNDNiMi00NzdhLWFmYzMtOTI1MTViMTlmYTM1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>Cryptocurrency exchange Binance plans to continue supporting its Binance USD (BUSD) stablecoin despite its issuer Paxos facing a stop order from American regulators.<\/p>\n<p>As reported by Cointelegraph, the New York Department of Financial Services (NYDFS) has ordered blockchain firm Paxos to cease issuing dollar-pegged stablecoin BUSD. Paxos has also received a wells notice from the United States Securities and Exchange Commission (SEC) alleging that BUSD is an unregistered security. <\/p>\n<p>Binance CEO Changpeng \u2018CZ\u2019 Zhao has moved to assure users that funds are safe despite the intended enforcement action. A <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> thread on Feb. 13 noted that Paxos is regulated by the NYDFS and BUSD is \u2018wholly owned and managed by Paxos.\u2019<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BUSD?src=hash&amp;ref_src=twsrc%5Etfw\">#BUSD<\/a>. A thread. 1\/8<\/p>\n<p>In summary, BUSD is issued and redeemed by Paxos. And funds are <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/SAFU?src=hash&amp;ref_src=twsrc%5Etfw\">#SAFU<\/a>!<\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1625067484368740353?ref_src=twsrc%5Etfw\">February 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>According to Zhao, Paxos will continue to service BUSD and manage redemptions and has also made assurances of its reserves which have been audited by multiple parties. As a result of the enforcement action, the Binance CEO said that BUSD market cap will decrease over time and the exchange\u00a0will explore non-USD based stablecoins.<\/p>\n<p>Zhao also said that Binance will continue to support the stablecoin on its exchange, while acknowledging that users may well migrate to other stablecoin tokens as a result of the enforcement action.\u00a0<\/p>\n<p><strong><em>Related:\u00a0\u2018Agent of an anti-crypto agenda\u2019 \u2014 Community slams Gensler over Kraken crackdown<\/em><\/strong><\/p>\n<p>This will also see Binance consider \u2018product adjustments\u2019, with a move away from using BUSD as its main trading pair for numerous tokens available across the exchange. Binance\u2019s CEO also cautioned that the actions taken by the SEC and NYDFS could have a significant impact on the ongoing development of the cryptocurrency ecosystem:<\/p>\n<blockquote><p>\u201c&#8221;IF&#8221; BUSD is ruled as a security by the courts, it will have profound impacts on how the crypto industry will develop (or not develop) in the jurisdictions where it is ruled as such.\u201d<\/p><\/blockquote>\n<p>Zhao also noted that ongoing regulatory uncertainty in certain markets will necessitate reviews\u00a0of other projects in given jurisdictions \u2018to ensure our users are insulated from any undue harm.\u2019<\/p>\n<p>American regulators have had a number of cryptocurrency service providers and tokens in its crosshairs in recent years. Ripple is still in an ongoing legal battle with the SEC over claims that XRP is an unregistered security.\u00a0<\/p>\n<p>Meanwhile cryptocurrency exchange Kraken agreed to cease its staking services to U.S. clients in Feb. 2023, paying $30 million in disgorgement, prejudgment interest and civil penalties to the SEC. The regulator charged Kraken with failing to register its crypto asset staking-as-a-service program.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-to-support-busd-while-exploring-non-usd-stablecoins-cz-says\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance to support BUSD while exploring non-USD stablecoins, CZ says &#8220; Cryptocurrency exchange Binance plans to continue supporting its Binance USD (BUSD) stablecoin despite its issuer Paxos facing a stop order from American regulators. As reported by Cointelegraph, the New York Department of Financial Services (NYDFS) has ordered blockchain firm Paxos to cease issuing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":551280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/1f829c4a-43b2-477a-afc3-92515b19fa35.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,75166,138848,77672,74898,74355,70934,72287,67874],"class_list":["post-551279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-binance-coin","tag-binance-usd","tag-changpeng-zhao","tag-sec","tag-adoption","tag-regulation","tag-security","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=551279"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551279\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/551280"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=551279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=551279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=551279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}