of the SEC PaxosAnd BUSDAs a result of his pressure on BUSDon the side about 2 and a half billion dollarsa shot took place.
In the face of the increasing popularity of cryptocurrencies, the lack of regulation and supervision has also started to be gradually eliminated. US regulators, in particular, have begun to focus on the recent rise in money laundering and fraud in the crypto industry. Aside from its ongoing lawsuit with Ripple, the SEC has set its new target as BUSD. Binance CEO CZ, as a result of the SEC’s pressure on BUSD, He announced that there was a withdrawal of $ 2.45 billion on the BUSD side.
Binance CEO CZ Addresses BUSD Panic
Binance CEO Changpeng Zhao ( CZ), the SEC PaxosAnd BUSDAs a result of the investigation he carried out on the BUSD side, he mentioned the $2.45 billion.
CZ pointed out that investors acted in a panic. In addition, the CEO announced that $2.45 billion of assets from BUSD have shifted to USDT. CZ, who shared on Twitter, He stated that Binance is not involved in the issuance of BUSD.
BUSD market cap dropped -$2.45B (from 16.1B to 13.7B as of now), and most of it has moved to USDT.
USDT marketcap + 2.37B (From 67.8B to 70.1B)
USDC also declined -739M (from 42.3B to 41.5B)
Landscape is shifting.
(Note: BUSD is NOT issued by Binance.) pic.twitter.com/kVrZUYjuOh
— CZ 🔶 Binance (@cz_binance) February 17, 2023
The New York regulator’s instructions to Paxos, which is in charge of issuing BUSD, and then the SEC’s involvement in the investigation, It revealed the BUSD crisis.
Binance CEO said that this event, which also negatively affected the crypto money market, of CZapproach “beware” it happened. CZ gave FUD and attack message and stated that there was no problem in the stock market.
Today CZ, originating from BUSD $2.45 billion of moneyreported that it shifted to USDT. “The view is changing”citing the analysis with the title CEO, USDCHe added that there are exits on the other side as well.
