Cointime

Download App
iOS & Android

Binance Swaps BUSD in SAFU for TUSD and USDT Amid Termination of Minting from Paxos

Cointime Official

Cryptocurrency exchange Binance announced that it has swapped out Binance USD(BUSD) holdings in the Secure Asset Fund for Users (SAFU) for TrueUSD (TUSD) and Tether (USDT), citing the termination of BUSD minting from Paxos.

On February 13, 2023, Paxos announced that it has suspended the issuance of new BUSD tokens and terminated its association with Binance. 

"This swap is to ensure that assets in SAFU continue to protect users in the long term as the BUSD market capitalization continues to decrease over time." Binance said in the statement.

"This change will be of no impact on users, and these funds will continue to be on publicly verifiable addresses. BUSD will continue to be supported on Binance. The SAFU fund will be observed closely to ensure that it is sufficiently capitalized, and topped up periodically, as necessary, using Binance’s own funds." the firm added.

Comments

All Comments

Recommended for you

  • IRS releases draft digital asset tax form

    The US Internal Revenue Service (IRS) has released a draft tax form for reporting digital asset transactions, applicable for tax filings in 2025. The form, known as 1099-DA, is used to report digital asset earnings by brokers. According to the instructions on the recipient form, brokers, including non-custodial wallet providers, are required to report the earnings from digital asset disposals to the IRS. A cryptocurrency tax expert emphasized that the IRS collecting certain data points (such as wallet addresses) "could raise significant privacy and security concerns."

  • Cointime April 21th News Express

    1.An Ethereum pre-mining address that has been dormant for 8.7 years has been activated, containing 197 ETH 2.Bitcoin block reward halving sparks bullish and skeptical opinion split3.A whale withdrew another 10,119 ETH from Binance4.MtGox claims form updated, may support compensation payment in BTC and BCH5.ZKasino transfers the 10,515 ETH deposited by the user to a multi-signature address and deposits it into Lido 6.Pre-Rune concept NFT Rune Doors is the project party for the deployment of Rune No. 97.More than 11,000 BTC flowed out of Coinbase Pro in the past 7 days8.Solana Ecosystem NFT Social Platform Only1 Completes $1.3 Million Strategic Financing, Led by Newman Group 9.friend.tech: V2 version has completed the audit and will be released on April 2910.Bitwise CEO: Wealth Manager Will Increase Its Bitcoin ETF Holdings

  • Binance tax evasion trial moved to May 17 in Nigeria

    Gambaryan’s lawyer, Chukwuka Ikuazom, objected, citing Nigerian law, stating he couldn’t plead until Binance, the primary defendant, was served.

  • Cointime April 20th News Express

    1. Ordinals’ cumulative fee income exceeds 6,700 BTC, an increase of approximately $80 million in the past three days

  • Hong Kong Customs cracked a HK$1.8 billion money laundering case involving a virtual currency trading platform

    Hong Kong Customs has reported a successful crackdown on a major money laundering case, involving a staggering HKD 1.8 billion. According to preliminary investigations, a criminal group consisting of three individuals processed over 1,000 suspicious transactions between June 2021 and July 2022 through the establishment of multiple shell companies and bank accounts, including a significant amount of suspicious fund transfers from virtual currency trading platforms. This indicates that the criminals tried to launder their illegal proceeds by taking advantage of the anonymity of virtual currencies. Currently, Customs has arrested three key members of the criminal group, seized the assets of the involved companies, and confiscated a large number of criminal tools, including mobile phones, company seals, and bank cards. The case is still under further investigation, and more suspects may be arrested. This case once again sounds the alarm, reminding the virtual currency industry to increase vigilance and strictly comply with anti-money laundering regulations.

  • 66,445,000 USDT transferred from Binance to Tether Treasury

    According to on-chain data tracking service Whale Alert, at 4:10 pm Beijing time today, 66,445,000 USDT (66,524,734 USD) was transferred from Binance to Tether Treasury.

  • 2 new wallets withdrew 7.85 million ARB from Coinbase 12 hours ago

    As monitored by The Data Nerd, 2 new wallets withdrew 7.85 million ARB (approximately $8.91 million) from Coinbase 12 hours ago.

  • TeleportDAO has raised $9 million through CoinList public sale and financing

    The Bitcoin cross-chain infrastructure TeleportDAO has raised $9 million through CoinList public sale and financing, with participation from OIG Capital, DefinanceX, Oak Grove Ventures, Candaq Ventures, TON, Across, bitSmiley, and others.

  • Bitcoin L2 network BOB announced that it will launch the mainnet on April 24

    It was announced that the Bitcoin L2 network BOB (Build on Bitcoin) will launch its mainnet on April 24th on the X platform.

  • UniSat reaches 1 million weekly active users

    UniSat announced on social media that its weekly active user count has reached 1 million.