BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Sponsored
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Sponsored
Home Blockchain

BUSD Bleeds, Is There An Agenda Against Binance?

by Chiwuike Owunwa
Feb 14, 2023 - 12:00 am
in Blockchain
BUSD Bleeds

On the 13th of February 2023, @DU09BTC shared on Twitter his thoughts on the BUSD situation.

The agenda against #Binance is pretty clear:

✅ Step 1: cut all their direct fiat banking & ramps
✅ Step 2: cut their back-up fiat banking via #BUSD
✅ Step 3: destroy their monopoly

…

✅ Profit & revenge for Sam and his 196 friends in Congress

Any questions? pic.twitter.com/gPp7MHo9Ky

— Duo Nine ⚡ discord.gg/ycc (@DU09BTC) February 13, 2023

He believes the agenda against Binance and CZ is clear. First, they cut their access to fiat, then they cut their backup shadow banking, and finally, they would go after CZ’s centralized monopoly.

In line with that, Paxos announced that they have been ordered to stop minting stable coins for Binance. The aim is to end the supply for BUSD pending a potential lawsuit by the SEC against Paxos.

With intentions to comply, Paxos announced that all BUSD minting would be suspended following the instructions by the New York State Department of Financial Services.

BUSD is the third largest stablecoin after USDT and USDC, backed by the largest centralized exchange and pegged on the US dollar.

Paxos made it clear that BUSD remained fully collateralized with US dollar reserves, and that new holders would be able to redeem the coin until at least February 2024. Binance also stated that Binance would continue to support BUSD, but that it would move away from using it as its main stablecoin for trading.

In as much as there’s no official report as to why Paxos was instructed to stop minting BUSD, the wall street journal reported that the SEC is on the path to suing Paxos for violating investor laws and offering BUSD as an unregistered security to its users. Yet only Binance USD seems to be affected, other Paxos crypto products, such as Pax Dollar and Pax Gold are unaffected by the NYDFS order.

This has led crypto participants to believe that the plot is actually against Binance as retaliation for FTX and SBF.

According to information circulating, SBF while operating FTX, bribed 196 members of Congress. Thus in the wake of FTX’s crash, many pointed to CZ as a catalyst which has marked him as a target for SBF’s powerful friends.

Otters believe that Binance and CZ aren’t the only targets, but possibly the whole crypto space. The aim is to completely dry up the crypto space’s access to fiat, and the move against Paxos is just the preliminaries.

#BUSD gets rekt, #USDT prints billions.

This is called a zero sum game. One loses, another wins.

I did not expect USDT to be the most resilient stable.

However, on a second though, its obvious. They’ve been around since 2014.

They know their stuff. pic.twitter.com/pVGQVU7nCC

— Duo Nine ⚡ discord.gg/ycc (@DU09BTC) February 13, 2023

Yet a period of disability for one project is an opportunity for another. Tether has stepped up printing, issuing billions worth of USDT to cover up the void, about to be left by the absence of BUSD.

Tags: BinanceBUSDPaxosSEC
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Logo of Deutsche Telekom, now a Polygon validator, signaling its strong presence in the blockchain space.

Deutsche Telekom Breaks New Ground, Becomes Polygon Validator

June 1, 2023

In a bold step towards Web3, Deutsche Telekom leverages its infrastructure, operating as a validator for Ethereum's layer-2...

RBI Deputy Governor Mahesh Kumar Jain addresses Indian banking directors, urging the adoption of AI and blockchain technologies.

RBI’s Call to Arms: Indian Banks Urged to Embrace AI and Blockchain for Future Growth

May 31, 2023

The Reserve Bank of India advocates for the integration of AI and blockchain into Indian banking systems to...

Security researchers at dWallet Labs uncover a significant flaw in Tron multisig accounts.

Tron Fixes $500M Multisig Vulnerability Uncovered by dWallet Labs Security Team

May 30, 2023

Security experts at dWallet Labs uncover a critical $500M flaw in Tron's multisig accounts, which was promptly resolved,...

Graph depicting the growth of the North American digital gaming market driven by metaverse and blockchain technology

Metaverse and Blockchain Catalyze Growth in North American Digital Gaming Market

May 30, 2023

Rapid growth in North America's digital gaming market is driven by metaverse and blockchain integration, reshaping the future...

Press Releases

pulse x

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse x

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse x

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

pulse x

Hong Kong Web3 Festival 2023, Hong Kong’s Largest-Ever Premier Digital Asset Event, is here. A Platform for Worldwide Leaders to Discuss the Latest Web3 and Blockchain Trends

May 8, 2023

Join Hong Kong Web3 Festival 2023, the largest-ever digital asset event, co-hosted by Wanxiang Blockchain Labs and HashKey Group.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise