Binance, the world's largest cryptocurrency exchange, has converted its $1 billion Safe Asset Fund for Users (SAFU) to USDC stablecoin, aiming to gain user trust and comply with regulatory requirements. Around three percent of the USDC in circulation is attributable to the SAFU conversion. Binance is reorganizing its operations to conform with the country's legislation as part of its ongoing discussions to return to the Indian market. After settling a $2 million fine and getting in line with the country's Financial Intelligence Unit (FIU) regulations, including the Prevention of Money Laundering Act (PMLA) and the crypto taxation framework, Binance is planning to return to India. Before its interim suspension for non-compliance, Binance was a major player in India's cryptocurrency scene, with Indian investors owning around $3.6 billion in crypto assets on the site. Binance's Dubai license allowed it to serve a wider range of customers, including individual investors. To comply with regulations, Binance co-founder Changpeng Zhao has made significant concessions in governance, including giving up ownership of Binance FZE, an organization domiciled in Dubai.
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