Binance to convert recovery funds from BUSD to ‘native crypto’
Binance CEO, CZ, announced that due to recent “changes” in stablecoins and banks, the company’s recovery fund will be converted from Binance USD (BUSD) to “native cryptos” such as BTC. The bankruptcy of Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, three significant crypto-backing institutions, caused the stablecoin USDC to drop from its $1 […]
Binance switches to multiple stablecoins, ends conversion policy
Binance suspends its BUSD auto-conversion for new deposits of the USDC, USDP, and TUSD stablecoins amid Circle’s Dollar Coin (USD) depeg. On Saturday, Changpeng “CZ” Zhao, CEO of Binance, said that the company would no longer maintain its Binance USD (BUSD) Auto-Conversion policy, which had been in place since last September. Surprisingly, the action was […]
Binance Expands Proof Of Reserves Report With 11 New Tokens
By introducing 11 new digital currencies, Binance has boosted the number of assets supported by its proof-of-reserves (PoR) mechanism. Among the new tokens are Dogecoin, Curve DAO Token, and 1inch. According to the most recent update, the value of all cryptocurrencies in the PoR system exceeded $63 billion, according to the crypto trading site. In […]
Binance starts anti-scam campaign after Hong Kong pilot run
Binance is starting a campaign to stop scams by sending tailored alerts to potential victims in conjunction with law enforcement organizations. The “Joint Anti-Scam Campaign” project, which the corporation is currently planning to expand into additional jurisdictions, was initially launched in Hong Kong. In accordance with the company’s post, it worked with the Cyber Security […]
BUSD market cap falls below $10B
For the first time in almost two years, Binance’s USD (BUSD) market cap has dropped below $10 billion from its all-time high of $23.49 billion, set on Nov. 15, 2022. Binance Due to a scheduled delisting from a major cryptocurrency exchange and a legal crackdown on its token issuer in the United States, USD’s market […]