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Stablecoin Issuer Paxos Burns $700M Binance USD in 27 Hours Amid Regulatory Pressure.
The BUSD supply decreased by more than 6% since Monday.
Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Monday.
Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Monday.
Stablecoin Issuer Paxos Burns $700M Binance USD in 27 Hours Amid Regulatory Pressure.
The BUSD supply decreased by more than 6% since Monday.
Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Monday.
Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Monday.
Breaking :- Binance Will stop supporting BUSD đš
As many users recieved notification from binance itself binance will stop supporting BUSD the reason as stated by binance is that paxos Would stop redeeming The busd and Eventually By feb 2024 Binance would also stop supporting BUSD.
There is nothing to be worried there is a lot of time so u can covert it to usdt or any other stablecoin in the time stated.
Also there is no fud around the thing so Donât panic , There is a lot of time In the stoppage.
#busd #binance
As many users recieved notification from binance itself binance will stop supporting BUSD the reason as stated by binance is that paxos Would stop redeeming The busd and Eventually By feb 2024 Binance would also stop supporting BUSD.
There is nothing to be worried there is a lot of time so u can covert it to usdt or any other stablecoin in the time stated.
Also there is no fud around the thing so Donât panic , There is a lot of time In the stoppage.
#busd #binance
đšđš Binance Margin and Binance Futures will be delisting BUSD in accordance with the following timelines. âŒïž
âąAt 2023-12-01 06:00 (UTC), Binance Margin will suspend BUSD/USDT isolated margin borrowing.
âąAt 2023-12-11 09:00 (UTC), Binance Margin will close usersâ positions, conduct an automatic settlement and cancel all pending orders on the BUSD/USDT and TUSD/BUSD cross margin pairs, as well as the BUSD/USDT isolated margin pair. If users have any outstanding Cross Margin or Isolated Margin loans, both the delisted assets and any other assets held in their Cross and Isolated Margin accounts may be sold to repay the outstanding liabilities. These pairs will then be removed from Cross Margin and Isolated Margin.Â
âąPlease note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2023-12-11 09:00 (UTC). Binance Margin will not be responsible for any potential losses.Â
âąPortfolio Margin users are advised to transfer the tokens mentioned above out of their Margin Wallet to their Spot Wallet and to top up their margin balance before 2023-12-11 09:00 (UTC) where applicable. Users should monitor the Unified Maintenance Margin Ratio (Uni-MMR) closely to avoid any potential liquidation that may result from the removal of the tokens mentioned above from the Margin Wallet.
âąAll BUSD balances in Cross Margin Wallets under the Portfolio Margin account will be automatically converted to USDT from 2023-12-11 09:00 (UTC). The conversion may take approximately 24 hours or longer. Binance Margin will not be liable for any losses on new positions during this period that may incur due to the conversion of funds.
#binance  #busd
âąAt 2023-12-01 06:00 (UTC), Binance Margin will suspend BUSD/USDT isolated margin borrowing.
âąAt 2023-12-11 09:00 (UTC), Binance Margin will close usersâ positions, conduct an automatic settlement and cancel all pending orders on the BUSD/USDT and TUSD/BUSD cross margin pairs, as well as the BUSD/USDT isolated margin pair. If users have any outstanding Cross Margin or Isolated Margin loans, both the delisted assets and any other assets held in their Cross and Isolated Margin accounts may be sold to repay the outstanding liabilities. These pairs will then be removed from Cross Margin and Isolated Margin.Â
âąPlease note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2023-12-11 09:00 (UTC). Binance Margin will not be responsible for any potential losses.Â
âąPortfolio Margin users are advised to transfer the tokens mentioned above out of their Margin Wallet to their Spot Wallet and to top up their margin balance before 2023-12-11 09:00 (UTC) where applicable. Users should monitor the Unified Maintenance Margin Ratio (Uni-MMR) closely to avoid any potential liquidation that may result from the removal of the tokens mentioned above from the Margin Wallet.
âąAll BUSD balances in Cross Margin Wallets under the Portfolio Margin account will be automatically converted to USDT from 2023-12-11 09:00 (UTC). The conversion may take approximately 24 hours or longer. Binance Margin will not be liable for any losses on new positions during this period that may incur due to the conversion of funds.
#binance  #busd
#TradeNTell #busd #BTC The indicator worked perfectly for Bitcoin, capturing all fluctuations. It seems Bitcoin has decided to initiate an upward correction, likely within the range of 41800-43600, as indicated by the indicator signal.
#writewearn
#notcoin
#busd
#bnb
Notcoin trading opens May 16, 12pm UTC
Everything before that can only help you lose money
#notcoin
#busd
#bnb
Notcoin trading opens May 16, 12pm UTC
Everything before that can only help you lose money
Binance Will Cease Support Of BUSD In December: Here's What You Need To Know!!
Binance is ceasing its support for the BUSD stablecoin after Paxos, the stablecoin's issuer, was ordered to stop minting the token earlier this year.
Binance has set the date of December 15 for the stopping$BUSD support, although it had previously announced plans in August to gradually phase out support by February 2024.
During this transition, Binance is encouraging users to convert $BUSD holdings to another stablecoin called $FDUSD #fdusd with zero fees for the conversion.
While Binance is discontinuing its support for BUSD, Paxos has affirmed that it will continue to support and redeem the #Stablecoins until at least February 2024.
This decision stems from an order by the New York Department of Financial Services in February of this year, which directed Paxos to halt the issuance of #busd
Amidst these developments, U.S. authorities have been increasingly assertive in their efforts to regulate the #cryptocurrency industry, including initiatives aimed at Binance.
Recently, Binance agreed to a substantial fine of over $4 billion, and its CEO Changpeng Zhao @CZ departed from his position after pleading guilty to willfully violating the Bank Secrecy Act.
BUSD, launched in 2019 by Binance and Paxos, is a stablecoin pegged to the U.S. dollar and had at one point ranked as the third largest stablecoin on the market, boasting a total supply of over $16 billion.
Notably, Paxos has announced its intention to issue a USD-backed stablecoin named #PYUSD for the traditional fintech company PayPal.
Binance has set the date of December 15 for the stopping$BUSD support, although it had previously announced plans in August to gradually phase out support by February 2024.
During this transition, Binance is encouraging users to convert $BUSD holdings to another stablecoin called $FDUSD #fdusd with zero fees for the conversion.
While Binance is discontinuing its support for BUSD, Paxos has affirmed that it will continue to support and redeem the #Stablecoins until at least February 2024.
This decision stems from an order by the New York Department of Financial Services in February of this year, which directed Paxos to halt the issuance of #busd
Amidst these developments, U.S. authorities have been increasingly assertive in their efforts to regulate the #cryptocurrency industry, including initiatives aimed at Binance.
Recently, Binance agreed to a substantial fine of over $4 billion, and its CEO Changpeng Zhao @CZ departed from his position after pleading guilty to willfully violating the Bank Secrecy Act.
BUSD, launched in 2019 by Binance and Paxos, is a stablecoin pegged to the U.S. dollar and had at one point ranked as the third largest stablecoin on the market, boasting a total supply of over $16 billion.
Notably, Paxos has announced its intention to issue a USD-backed stablecoin named #PYUSD for the traditional fintech company PayPal.
Sure! Here's an overview of **Matic (Polygon)** and **BUSD (Binance USD)**:
### **Matic (Polygon)**
- **Overview**: Matic, now known as Polygon, is a Layer 2 scaling solution for Ethereum. It aims to improve the scalability of Ethereum by offering faster and cheaper transactions while maintaining security.
- **Key Features**:
- **Layer 2 Scaling**: Polygon uses a Proof-of-Stake (PoS) sidechain to process transactions off the main Ethereum chain, reducing congestion and fees.
- **Interoperability**: Polygon supports multiple Layer 2 solutions like Plasma, Optimistic Rollups, and zk-Rollups, making it a versatile platform for developers.
- **Ecosystem**: It has a growing ecosystem of decentralized applications (dApps), including DeFi, NFTs, and gaming platforms.
- **Use Cases**:
- Facilitating faster and cheaper transactions on Ethereum.
- Supporting the development of dApps.
- Providing a framework for connecting multiple blockchain networks.
### **BUSD (Binance USD)**
- **Overview**: BUSD is a stablecoin issued by Binance and regulated by the New York State Department of Financial Services (NYDFS). Itâs pegged 1:1 to the US dollar, making it a stable store of value in the volatile crypto market.
- **Key Features**:
- **Stability**: BUSD is backed by US dollars held in reserve, ensuring that 1 BUSD equals 1 USD.
- **Regulation**: It is one of the few stablecoins regulated by a financial authority, adding a layer of trust and security.
- **Usage**: Widely used on Binance and other exchanges for trading, lending, and borrowing, as well as in the broader DeFi ecosystem.
- **Use Cases**:
- Acting as a safe haven during market volatility.
- Facilitating seamless trading on Binance and other exchanges.
- Serving as collateral in DeFi platforms and lending protocols.
#BecomeCreator #matic #busd
### **Matic (Polygon)**
- **Overview**: Matic, now known as Polygon, is a Layer 2 scaling solution for Ethereum. It aims to improve the scalability of Ethereum by offering faster and cheaper transactions while maintaining security.
- **Key Features**:
- **Layer 2 Scaling**: Polygon uses a Proof-of-Stake (PoS) sidechain to process transactions off the main Ethereum chain, reducing congestion and fees.
- **Interoperability**: Polygon supports multiple Layer 2 solutions like Plasma, Optimistic Rollups, and zk-Rollups, making it a versatile platform for developers.
- **Ecosystem**: It has a growing ecosystem of decentralized applications (dApps), including DeFi, NFTs, and gaming platforms.
- **Use Cases**:
- Facilitating faster and cheaper transactions on Ethereum.
- Supporting the development of dApps.
- Providing a framework for connecting multiple blockchain networks.
### **BUSD (Binance USD)**
- **Overview**: BUSD is a stablecoin issued by Binance and regulated by the New York State Department of Financial Services (NYDFS). Itâs pegged 1:1 to the US dollar, making it a stable store of value in the volatile crypto market.
- **Key Features**:
- **Stability**: BUSD is backed by US dollars held in reserve, ensuring that 1 BUSD equals 1 USD.
- **Regulation**: It is one of the few stablecoins regulated by a financial authority, adding a layer of trust and security.
- **Usage**: Widely used on Binance and other exchanges for trading, lending, and borrowing, as well as in the broader DeFi ecosystem.
- **Use Cases**:
- Acting as a safe haven during market volatility.
- Facilitating seamless trading on Binance and other exchanges.
- Serving as collateral in DeFi platforms and lending protocols.
#BecomeCreator #matic #busd
đą Binance announces the cessation of support for BUSD on December 15 (local time). All BUSD spot trading pairs will be removed from the platform on December 15. BUSD withdrawals will also be suspended from 12:00 PM (Korean time) on December 31, with user balances (excluding certain countries) automatically converted to FDUSD. Paxos plans to provide technical infrastructure and dollar redemption for BUSD by February 2024. đ«đ± #BinanceCEO #busd #CryptoNews
đš 100M $BUSD Rockets from Binance to 0XA99 in 50 Mins! â° Act Fast as BUSD Support Ends by February 2024! đđž
â° Just 50 minutes ago, a whopping 100,000,000 #busd (equivalent to 100,445,901 USD) was on the move! đš The transfer took place from #Binance to the wallet "0XA99." Check out the details:
đ Wallet Address: Recipient's Wallet
0xa995910658808c859623c0fe2ff53e432a236739
đ Transaction Hash:
0x119be4f58a366946cf7ca760755b61dfdd8a53db8f8b40f1a002270476b7696a
đą Important Note: As announced, Binance and Paxos will cease support for #BUSD token. Users are encouraged to swap their BUSD to other #Stablecoins or assets before February 2024. â ïž Stay informed and plan your moves accordingly!
đš Disclaimer: Cryptocurrency transactions are subject to risk. This information is provided for informational purposes only. Always conduct thorough research before making any financial decisions. đš
đ A small LIKE and FOLLOW, Motivates me a lot đ
â° Just 50 minutes ago, a whopping 100,000,000 #busd (equivalent to 100,445,901 USD) was on the move! đš The transfer took place from #Binance to the wallet "0XA99." Check out the details:
đ Wallet Address: Recipient's Wallet
0xa995910658808c859623c0fe2ff53e432a236739
đ Transaction Hash:
0x119be4f58a366946cf7ca760755b61dfdd8a53db8f8b40f1a002270476b7696a
đą Important Note: As announced, Binance and Paxos will cease support for #BUSD token. Users are encouraged to swap their BUSD to other #Stablecoins or assets before February 2024. â ïž Stay informed and plan your moves accordingly!
đš Disclaimer: Cryptocurrency transactions are subject to risk. This information is provided for informational purposes only. Always conduct thorough research before making any financial decisions. đš
đ A small LIKE and FOLLOW, Motivates me a lot đ
đ„ CRYPTO INFERNO! 140M #BUSD BURNED! đđ PAXOS TREASURY ABLAZE! đ„đŒ
đ„ Breaking News! đ„ Just 2 minutes ago, a whopping 140,235,037 $BUSD (valued at 140,357,400 USD) was burned at #PaxosTreasury . đ„đŒ
đ Transaction Hash: đ
0xa8ee83ef22e2e9629a53f758287418268318aea200236971b4e50980924add77
A significant move in the crypto landscape! Stay tuned for more updates. đđ°
#busd
đ A small LIKE and FOLLOW, Motivates me a lot đ
đ„ Breaking News! đ„ Just 2 minutes ago, a whopping 140,235,037 $BUSD (valued at 140,357,400 USD) was burned at #PaxosTreasury . đ„đŒ
đ Transaction Hash: đ
0xa8ee83ef22e2e9629a53f758287418268318aea200236971b4e50980924add77
A significant move in the crypto landscape! Stay tuned for more updates. đđ°
#busd
đ A small LIKE and FOLLOW, Motivates me a lot đ
#TradeNTell i think bnb will go to bullis way because it seems to going hing and very high. So i think everyone should #busd and when binance announce any launchpad news that time bnb just go as like Rocket i hope everyone understand the trick
So #buy BUSD #spot # longbnb
So #buy BUSD #spot # longbnb
đ„ Paxos Treasury destroys 65.06 million BUSD, as reported by Whale Alert, in a recent burn at around 23:28 Korean time. đ°đ„ #busd #cryptocurrencynews đđ
AZCoinNews
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Federal Reserve Hints At Rate Cuts, Bitcoin Soars To $42,000
The US Federal Reserve opted to maintain its benchmark interest rate at 5.50% despite acknowledging the evident slowdown in economic growth and the job market. This decision, however, arrived hand-in-hand with acknowledgment that inflation, though persistently above the 2% target, has shown signs of easing. What sent ripples through the financial world, though, was the Fedâs subtle indication of potential rate cuts in the near future, potentially up to 75 basis points, marking a notable departure from their recent tightening strategy.
This pivotal announcement didnât just affect the traditional markets. It catalyzed a significant surge in Bitcoinâs value, propelling the leading cryptocurrency beyond the $42,000 mark. The reasoning behind this sudden upward movement lies in the anticipation surrounding the potential approval of Bitcoin exchange-traded funds (ETFs) by US regulators. The prospect of a more accessible and regulated Bitcoin market for millions of investors contributed substantially to this surge.
BTC/USDT 1 day-chart on Binance | Source: TradingView
But the impact didnât stop there. The broader financial markets experienced a positive jolt, particularly in riskier asset categories. Investors interpreted the Fedâs potential shift towards rate cuts as a green light for riskier ventures, like Bitcoin. This pivot in sentiment stems from the conventional belief that interest rate cuts correlate with improving economic conditions, prompting a migration towards higher-risk assets like cryptocurrencies.
This intriguing correlation between the Federal Reserveâs monetary policies and Bitcoinâs value highlights the sensitivity of the cryptocurrency market to global monetary shifts. It underscores how investors, seeking diversification and potential havens amid economic uncertainties, are increasingly viewing Bitcoin as a viable addition to their portfolios.
The evolving relationship between the Fedâs stance and the crypto market reaffirms Bitcoinâs growing relevance in the broader financial landscape. As regulatory landscapes evolve and central banks navigate economic complexities, the intersection between traditional monetary policies and the digital asset realm becomes increasingly intertwined.
Source: https://azcoinnews.com/federal-reserve-hints-at-rate-cuts-bitcoin-soars-to-42000.html
This pivotal announcement didnât just affect the traditional markets. It catalyzed a significant surge in Bitcoinâs value, propelling the leading cryptocurrency beyond the $42,000 mark. The reasoning behind this sudden upward movement lies in the anticipation surrounding the potential approval of Bitcoin exchange-traded funds (ETFs) by US regulators. The prospect of a more accessible and regulated Bitcoin market for millions of investors contributed substantially to this surge.
BTC/USDT 1 day-chart on Binance | Source: TradingView
But the impact didnât stop there. The broader financial markets experienced a positive jolt, particularly in riskier asset categories. Investors interpreted the Fedâs potential shift towards rate cuts as a green light for riskier ventures, like Bitcoin. This pivot in sentiment stems from the conventional belief that interest rate cuts correlate with improving economic conditions, prompting a migration towards higher-risk assets like cryptocurrencies.
This intriguing correlation between the Federal Reserveâs monetary policies and Bitcoinâs value highlights the sensitivity of the cryptocurrency market to global monetary shifts. It underscores how investors, seeking diversification and potential havens amid economic uncertainties, are increasingly viewing Bitcoin as a viable addition to their portfolios.
The evolving relationship between the Fedâs stance and the crypto market reaffirms Bitcoinâs growing relevance in the broader financial landscape. As regulatory landscapes evolve and central banks navigate economic complexities, the intersection between traditional monetary policies and the digital asset realm becomes increasingly intertwined.
Source: https://azcoinnews.com/federal-reserve-hints-at-rate-cuts-bitcoin-soars-to-42000.html