{"id":562990,"date":"2023-03-13T11:50:00","date_gmt":"2023-03-13T08:50:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-ceo-announces-recovery-funds-conversion-from-busd-to-native-crypto\/"},"modified":"2023-03-13T11:50:00","modified_gmt":"2023-03-13T08:50:00","slug":"binance-ceo-announces-recovery-funds-conversion-from-busd-to-native-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-ceo-announces-recovery-funds-conversion-from-busd-to-native-crypto\/","title":{"rendered":"# Binance CEO announces recovery funds conversion from\u00a0BUSD to &#8216;native crypto&#8217;"},"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-6a284f24f12ac\" 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-6a284f24f12ac\" 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-ceo-announces-recovery-funds-conversion-from-busd-to-native-crypto\/#%E2%80%9D_Binance_CEO_announces_recovery_funds_conversion_from_BUSD_to_%E2%80%98native_crypto_%E2%80%9C\" >&#8221; Binance CEO announces recovery funds conversion from\u00a0BUSD to &#8216;native crypto&#8217; &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_CEO_announces_recovery_funds_conversion_from_BUSD_to_%E2%80%98native_crypto_%E2%80%9C\"><\/span>&#8221; Binance CEO announces recovery funds conversion from\u00a0BUSD to &#8216;native crypto&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvNjY5OTI2NjgtZDdhMi00MjIwLWI2NWMtMzE2NDEyNjM4NjcwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The failure of three major crypto-backing banks, Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank caused the stablecoin (USDC) to fall to as low as $0.87 from its $1 benchmark.\u00a0<\/p>\n<p>Amid the concern mounting around stablecoins, Binance CEO and co-founder Changpeng (CZ) Zhao <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1635131601884700674\">tweeted<\/a> on March 13 that with the \u201cchanges in stablecoins and banks,\u201d it will be converting the remaining $1 billion funds in its Industry Recovery Initiative into \u201cnative crypto.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Given the changes in stable coins and banks, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BNB?src=hash&amp;ref_src=twsrc%5Etfw\">#BNB<\/a> and ETH. Some fund movements will occur on-chain. Transparency.<\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1635131601884700674?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The native cryptos listed by CZ included Bitcoin (BTC), Binance Coin (BNB) and Ethereum (ETH). He then posted <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/uSy1DlZCyG\">links<\/a> to the transaction hash ID for the BTC and the ETC and said $980 million took 15 seconds to move with a $1.98 transaction fee.\u00a0<\/p>\n<p>In response to the move by the Binance co-founder the crypto community on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> had mixed responses. Some praised the decision calling it \u201cpure gold\u201d and offered a suggestion to use alternative currencies to peg stablecoins:\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This move is pure gold.  Crypto power.<\/p>\n<p> &#8211; How about diversifying into stables other than pegged to USD? <\/p>\n<p>For now allow major global currencies and maybe integrate with CBDCs to allow seamless integration in the future.<\/p>\n<p>It will help in reaching out to a huge unbanked users.<\/p>\n<p>\u2014 Vipul CypherPunk (@vipul19) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/vipul19\/status\/1635137126395416577?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, others <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/profit8lue\/status\/1635147276648865792\">questioned<\/a> the move to sell BUSD, which is supposed to be a stablecoin, and convert it into more &#8220;volatile&#8221; assets.\u00a0<\/p>\n<p>On March 10 Circle, the company behind USDC, disclosed that it has around $3.3 billion tied up at the failing SVB, which caused the initial depegging event. However, by March 13, USDC had bounced back towards its $1 peg, to where it currently hovers around $0.99.\u00a0<\/p>\n<p><strong><em><u>Related: <\/u><\/em><\/strong><strong><em>Breaking: Silicon Valley Bank UK arm acquired by HSBC for one pound<\/em><\/strong><\/p>\n<p>It is known that Circle also has an undisclosed amount of reserve funds stuck in Silvergate, another U.S.-based crypto-friendly bank that has just gone bankrupt.\u00a0<\/p>\n<p>The instability surrounding USDC caused a domino effect on other stablecoins such as DAI, USDD and FRAX, which also slipped away from their $1 position.<\/p>\n<p>Since the events began unfolding on March 10, the entire crypto space has been on edge as to what will h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en next. Users in the Twitter community have made claims that there is \u201cnobody left to bank crypto companies.\u201d\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/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-ceo-announces-recovery-funds-conversion-from-busd-to-native-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance CEO announces recovery funds conversion from\u00a0BUSD to &#8216;native crypto&#8217; &#8220; The failure of three major crypto-backing banks, Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank caused the stablecoin (USDC) to fall to as low as $0.87 from its $1 benchmark.\u00a0 Amid the concern mounting around stablecoins, Binance CEO and co-founder Changpeng (CZ)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":562991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/66992668-d7a2-4220-b65c-316412638670.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,75166,74862,74894,77672,74868,75493,71939,33355],"class_list":["post-562990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-binance-coin","tag-bitcoin","tag-blockchain","tag-changpeng-zhao","tag-defi","tag-stablecoin","tag-banks","tag-silicon-valley"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562990","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=562990"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/562991"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=562990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=562990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=562990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}