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On February 13, $916 million was withdrawn from Binance. This is the highest value since November 24, 2022, when the amount exceeded $1 billion. This investor activity followed
On February 13, $916 million was withdrawn from Binance. This is the highest value since November 24, 2022, when the amount exceeded $1 billion. This investor activity followed news that the U.S. Securities and Exchange Commission (SEC) plans to take Paxos to court, along with the New York Department of Financial Services (NYDFS) receiving an order to cease trading of Binance USD (BUSD) stablecoins.
Launched under the Binance brand, the BUSD token ranks second in market cap after Tether (USDT) and USD Coin (USDC). On the morning of February 13, the capitalization of the asset reached $16.1 billion, and today it has already dropped to $15.2 billion. The head of the exchange, Changpeng Zhao, immediately acknowledged that the capitalization continues after the ban on new token issuance. BUSD will drop as investors will start moving to other stablecoins.
The SEC claims that BUSD is an unregistered security in its lawsuit against Paxos. However, Paxos said it disagreed and was ready to sue. Previously, the world’s largest cryptocurrency exchange, Binance, suspended fund inflows and outflows in US dollars, while the company did not explain the reasons for its decision.
Source: Port Altele
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