Cointime

Cointime

Download App
iOS & Android

Funds Are SAFU and Binance Will Continue To Support BUSD, CZ Says

Cointime Official

The U.S. Securities and Exchange Commission (SEC) intends to sue stablecoin issuer Paxos, and the New York Department of Financial Services ordered Paxos to stop creating more of its BUSD token.

CZ highlighted on twitter that BUSD is issued and redeemed by Paxos and funds are SAFU!

BUSD is a stablecoin wholly owned and managed by Paxos. As a result, BUSD market cap will only decrease over time. Paxos will continue to service the product, and manage redemptions.

Paxos also assured Binance the funds are SAFU, and fully covered by reserves in their banks, with their reserves audited many times by various audit firms already.

Binance will continue to support BUSD for the foreseeable future. Binance do foresee users migrating to other stablecoins over time. And they will make product adjustments accordingly. eg, move away from using BUSD as the main pair for trading, etc.

Related News:

Paxos Will Halt Minting New BUSD Tokens

BUSD Depegs From Rival Stablecoin Tether After US Regulator Tells Paxos to Stop Minting New Tokens

Binance Coin Dumps Below $300 Following News From US Regulators

Crypto Firm Paxos To Stop Issuing Dollar-Pegged Binance Token

SEC To Sue Crypto Trust Co. Paxos Over Binance Stablecoin

Crypto Firm Paxos To Stop Issuing Dollar-Pegged Binance Token

PayPal Pauses Stablecoin Project Amid Paxos Probe

New York Regulator Launches Investigation into Stablecoin Issuer Paxos

Stablecoin Issuer Paxos Receives Operating License From Singapore Regulator

BNB BNB $607.63
+2.51%
Binance Paxos
Comments

All Comments

Recommended for you

  • BTC Surpasses $70,000

    Market data shows that BTC has surpassed $70,000, currently priced at $70,003.25, with a 24-hour increase of 3.96%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Iran Responds to the U.S. via Pakistan, Rejects Ceasefire, Emphasizes Need for Permanent End to War

    According to the Islamic Republic News Agency (IRNA): Iran has responded to the United States through Pakistan, rejecting a ceasefire and emphasizing the necessity for a permanent end to the war.

  • US Media: 45-Day Ceasefire Plan is Just One of Many Proposals

    According to US media reports on the 6th, a White House official stated that the 45-day ceasefire plan between the US and Iran is just one of the 'many proposals' currently under discussion. The official indicated that President Trump has not yet approved the plan, and US military actions against Iran are still ongoing. (Xinhua News Agency)

  • Trump Has Not Approved Ceasefire Plan

    On April 6, the White House stated that President Trump has not yet approved the ceasefire plan. The potential ceasefire proposal is just one of many ideas.

  • Strategy Increases BTC Holdings by 4,871 Last Week, Total Holdings Exceed 766,000

    On April 6, Strategy officially disclosed that last week it purchased 4,871 BTC at an average price of approximately $67,718, with a total expenditure of about $329.9 million. As of 2026, Strategy has accumulated a total of 766,970 BTC, with a total holding cost of approximately $58.02 billion, resulting in an average price of about $75,644 per coin.

  • Iran Launches 98th Wave of 'True Commitment-4' Offensive Against US Amphibious Assault Ship

    On April 6, the Public Relations Department of the Iranian Islamic Revolutionary Guard Corps announced that Iran has launched the 98th wave of the 'True Commitment-4' operation. The statement indicated that the naval forces of the Islamic Revolutionary Guard Corps used cruise missiles to strike the container ship SDN7, which belongs to the 'Zionist regime.' Following its destruction, a large fire broke out. Additionally, missiles targeted strategic centers in northern and southern Tel Aviv, Haifa, chemical enterprises and factories in Be'er Sheva, as well as military installations in Batehfael. The statement also mentioned that the US amphibious assault ship LHA7, carrying over 5,000 sailors and Marines, was hit by missiles and was forced to retreat to deep waters in the southern Indian Ocean after the offensive. Furthermore, the UAE-Israel joint drone production center and several aircraft stationed at Ali Salim base were also subjected to drone and missile strikes.

  • Vessel Traffic in the Strait of Hormuz Reaches Highest Level Since Early March

    On April 6, foreign media reported that traffic through the Strait of Hormuz has risen to its highest level since the onset of the Middle East conflict, as more countries have reached security passage agreements with Iran. Over the weekend, a total of 21 vessels passed through the waterway, marking the highest two-day total since traffic began to decline in early March. Although the current number of vessels is still far below pre-war levels (approximately 135 vessels), more countries have obtained passage permits. A senior crude oil analyst at Singapore's Kpler stated, 'Iran is strengthening its control over Hormuz while responding to requests from its partners. Passage still depends on Iran's willingness, and the situation could change at any time if the conflict escalates.' So far, most of the vessels granted passage appear to be following the routes indicated by Tehran, navigating close to the Iranian coast. However, more vessels are also beginning to choose to travel along the opposite shore.

  • Iran Calls U.S. 15-Point Plan 'Highly Ambitious and Illogical'

    April 6 - According to the Islamic Republic News Agency (IRNA), Iranian Foreign Ministry spokesman Ismail Baghaei stated that in the context of recent proposals to end the war, Tehran has finalized its demands but will only announce them at the appropriate time, emphasizing that Iran will not succumb to pressure. He said, 'A few days ago, they proposed some plans through intermediaries, and this U.S. plan, which contains 15 points, was conveyed through Pakistan and other friendly countries.' He added, 'Such proposals are highly ambitious, unusual, and illogical.' He stressed that Iran has its own framework. 'Based on our own interests and considerations, we have organized and formulated a series of demands that we have presented in the past and present.' He also denied that engaging with mediators indicates weakness. 'The fact that Iran quickly and courageously expressed its position on a proposal should not be seen as a sign of submission to the enemy.' (Jinshi)

  • BTC Surpasses $70,000 Mark

    Market data shows that BTC has surpassed the $70,000 mark, currently priced at $70,071.01, with a 24-hour increase of 4.46%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Dollar Index Falls Below 100 Mark

    On April 6, the Dollar Index (DXY) dropped below 100, declining by 0.21% during the day to report at 99.99 points.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company