BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • 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
Play Now
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 âš¡ 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 âš¡ 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

Young South Korean man trading cryptocurrency on a laptop in a small apartment

South Korean Youth Turn to Crypto Amid Economic Desperation

June 20, 2025

South Korea’s youth are embracing crypto not for belief in blockchain, but due to rising housing costs and...

AgriFORCE's Bitcoin mining site in Alberta powered by stranded natural gas

AgriFORCE Powers 120 Bitcoin Mining Rigs With Stranded Natural Gas in Alberta

June 19, 2025

AgriFORCE powers 120 Bitcoin miners with stranded gas in Alberta, eyes two more sites. It may keep 50%...

blockchain

Gemini Accuses CFTC of Misconduct, Calls Seven-Year Probe Baseless

June 18, 2025

Gemini calls CFTC’s seven-year probe baseless, citing false claims and personal agendas in a formal misconduct complaint to...

Former Celsius CEO Alex Mashinsky exits court after sentencing

Judge Bars Alex Mashinsky From Claiming Celsius Bankruptcy Funds

June 17, 2025

A court ruled Alex Mashinsky and affiliates won’t get Celsius bankruptcy proceeds, clearing the way for creditor repayments...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 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

©2024 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