Crypto Firm #Paxos To Stop Issuing $BUSD.

#BNB started tanking due to the FUD ❗️

Would avoid #BUSD until the SEC case with PaxosGlobal is cleared.

Stay safe and wait for clarity before resuming its usage.

🚨Crypto Firm Paxos to Stop Issuing Dollar-Pegged Binance #BUSD 💰 Token - WSJ

Paxos is reportedly facing a SEC lawsuit over Binance #BUSD being a "non-registered security." With a market capitalization of $16B, BUSD is the 3rd largest stablecoin!

Around 90% of BUSD is held on Binance.

Paxos started the burning process! #BUSD is legally backed until February 2024, so they have 1 year to burn all of it.

Deposit transactions to Exchanges of #BUSD is the highest since December 2022

FUD related to Paxos and the #BUSD emission is causing entities to move #BUSD to Exchanges and swap for other Stablecoins.

We noticed a fund/institution withdrew 350M $USDC from #Circle and transferred to #Binance in the past 24 hours.

This fund/institution withdrew #BUSD from #Paxos to #Binance before the #SEC plans to sue #BUSD news.

🚨 WAR on StableCoins :

- First Staking
- Then Paxos' #BUSD

Stablecoins might be categorized as securities if they provide staking and some other services to US Customers.

So there is possibility of SEC's next target are other stablecoins like #USDC, #USDT and #GUSD.

War going on unregulated stablecoins/securities. Banning these might help SEC to regulate industry via USD.

Also #Binance CEO said: Crypto industry will probably move to non-dollar stablecoins.

If #SEC attacks other stablecoins then find an another place to park money. (Probably Bitcoin will pump hard initially as ultimate safe heaven)

The total amount of #BUSD that is held in exchange reserves has dropped from $14.3B to $11.3B, representing a fall of 21% or $3B.

In terms of market capitalization, #USDT and #USDC have absorbed the majority of the value lost.

🚨🚨🚨 Signature Bank has been closed !! BUSD in trouble??

Paxos, the issuer of #BUSD and USDP, issued a statement saying that Paxos currently holds $250M at Signature Bank.

⏰ Important Announcement from #Binance

Attention Crypto Community!
- Starting Dec 15, Binance will be delisting #BUSD tokens.
- Act now to avoid disruption!

Action Required:
Convert or swap your BUSD to $USDT or other assets.