Investors withdraw $2.5 billion a day from Binance’s stablecoin amid regulatory scrutiny | – #Investors #withdraw #billion #day #Binances #stablecoin #regulatory #scrutiny
SINGAPORE, February 17 (Reuters) – USA After regulators take a look at the cryptocurrency, Binance’s CEO tweeted about 2.5% of Binance’s stablecoin this week billion dollars said it was flowing.
Binance boss Changpeng Zhao said on Twitter that most of the money is from Binance USD to Tokens 1 dollars value was transferred to Tether, another so-called stablecoin. “The landscape is changing,” he said.
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Stablecoins are used to trade cryptocurrencies and between cryptocurrencies and traditional assets. Binance is the third largest stablecoin after USD, Tether and USD Coin.
According to analyst site Coinmarketcap.com, Tether’s market capitalization – a measure of the amount of money held in Tether – this week was around 2 billion dollars increased.
On Monday, the New York Department of Financial Services said it had ordered the firm behind Binance USD, Paxos Trust Company, to stop minting the tokens. Paxos, USA The New York-based firm is required to register its stablecoin product as a security, according to the Securities and Exchange Commission.
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Binance’s native token, Binance Coin, fell on the news, but has since recovered and was last stable at $306.96.
Reuters reported on Thursday that cryptocurrency exchange Binance is purported to be an independent US partner bank secretly accessed his account and transferred $400 million to a trading firm controlled by Zhao.
Reporting by Tom Westbrook; Edited by Simon Cameron-Moore
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2023-02-17 12:09:59
Source – reuters
Translation“24 HOURS”