The stablecoin (BUSD) created by Binance has been under strict scrutiny since the depeg of UST – a stable asset issued by the LUNA platform.
Binance is the world leading blockchain and crypto currency exchange company, with financial services that includes the largest digital asset exchange by volume.
In a recent publication by @PaxosGlobal – a regulated blockchain infrastructure company, focused on building transparent and verifiably transformative financial solutions.
Binance has made a positive step for the safety of its customers by pushing to support primarily BUSD. Unlike competing stablecoins, BUSD is regulated by @NYDFS which sets rules and monitors compliance with those rules.
ONLY regulated stablecoins like #BUSD and #USDP from Paxos do this, setting us apart from stablecoins issued by MTLs that have no oversight of reserves or governance.
#BUSD reserves are held by a bankruptcy remote Trust (Paxos) which offers greater consumer protections, setting it apart from all MTL-issued stablecoins.
@NYDFS supervises and regulates the activities of insurance companies, banks and other financial institutions in New York State.
The co-founder of Binance, CZ has stated that, many companies are too money driven. They end up making less money. Be positive impact driven.
Overview on the Binance stable asset, BUSD proves that it is still a properly regulated crypto. Thus far, the company has been collaborating with law enforcement and institutions globally, to strengthen market understanding and efforts to prevent, investigate and fight cyber crimes.
Additionally, Binance plans to proceed with expanding in new industry as well as providing support for its user base, and more crypto assets. They have announced extension of the “0 Fee” trading policy for Bitcoin (BTC) to Ethereum (ETH).
As more global regulation hits the crypto industry, and bad players keep getting flushed out, many of your faves may face huge probing. A lot yet to be unraveled.
Still new to the industry? Do what’s right because Illegality has a way of fighting back. Even if you built your company via Illegality, when your chapter gets opened – you may likely forfeit it and still get jailed. Remember, we all are monitored, and the blockchain is transparent.