The repayments of Binance USD (BUSD) rise to USD 360 million, as investors panic

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Von Krypto News Österreich

Paxos, der Emittent der Binance Stablecoin BUSD, hat angekündigt, dass er den an den Dollar gebundenen Vermögenswert ab dem 21. Februar nicht mehr prägen wird. Der Schritt erfolgte als Reaktion auf eine SEC-Drohung mit rechtlichen Schritten, in der das regulierte Unternehmen des New Yorker Finanzministeriums (NYDFS) beschuldigt wurde, nicht registrierte Wertpapiere zu verkaufen, obwohl BUSD ein Stablecoin ist. In einer Erklärung vom 13. Februar sagte das Unternehmen: „Paxos widerspricht den Mitarbeitern der SEC kategorisch, da BUSD kein Wertpapier nach den Wertpapiergesetzen des Bundes ist.“ Infolgedessen ist erneut Panik ausgebrochen, und die Rücknahmen von BUSD sind in den letzten Stunden in …
Paxos, the issuer of the Binance StableCoin Busd, has announced that he will no longer shape the asset bound to the dollar from February 21. The step took place in response to a SEC threat with legal steps in which the regulated company of the New York finance Ministry (NYDFS) was accused of selling not registered securities, even though Busd is a stable coin. In a statement of February 13, the company said: "Paxos categorically contradicts the employees of the SEC because Busd is not a securities according to the federal securities laws." As a result, panic has broken out again, and Busd's returns have been in ... (Symbolbild/KNAT)

PAXOS, the issuer of the Binance Stablecoin Busd, has announced that he will no longer shape the asset bound to the dollar from February 21st.

The step was responded to a SEC threat with legal steps in which the regulated company of the New York finance ministry (NYDFS) was accused of not selling registered securities, even though Busd is a stablecoin.

In a statement of February 13, the company said:

"Paxos categorically contradicts the employees of the SEC, since Busd is not a security according to the federal securities laws."

As a result, panic has broken out again, and the redemption of Busd has been shot up in the last few hours.

Binance and Busd in the crosshair

PAXOS stated that his busd reserves are completely $ 1: 1 with the dollar, but that did not prevent the exodus from the stable coin. Industry analysts described it as a secret attack on Binance.

The sec could select every stablecoin for attack and chose Busd, although Paxos is completely regulated and compliant.

This is the way of the greatest resistance.

seems to be a silent and misguided attack on Binance.

- The wolf of all streets (@Scottmelker) 13. February 2023

The bus run has led to a return of 2.2 % within a few hours. Before the announcement, 16.15 billion busd was in circulation, but in the last 12 hours it has shrunk to $ 15.79. This means that around $ 360 million were redeemed.

Binance USD price diagram. Coingecko Binance USD price diagram. Coingecko

In addition, the drains of Binance have also increased because investors react to the news. Nansen data indicate that more than $ 830 million of drains from the platform have taken place in the last 24 hours. The stock market activity on February 13th marked the greatest daily net drains from Binance since November.

Binance reserves are tested because Busd according to Tether (USDT) represents the second largest reserve assets. With a reserve of around 13.4 billion USD Busd, the StableCoin accounts for around 22 % of its total treasure.

In addition, Busd temporarily lost its bond when the repayment volume began to rise. CEO Changpeng Zhao said, however, that the fud was actually only temporary.

fud is temporary. pic.twitter.com/o2ntcjn2hj

- cz 🔶 binance (@cz_binance) 14. February 2023

BNB price reaction

The native token of the stock exchange, BNB, also suffered one blow today. According to Coingecko, BNB was traded by $ 292 on this day. Before the announcement of Paxos, BNB was around $ 315

The stock market value has now lost 10 % last week because the cryptoma markets withdraw. In addition, BNB has dropped by $ 57.4 % compared to its all -time high of May 2021, but this price decline is not as deep as with Bitcoin or Ethereum despite the fud and the official raids.

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