Binance to Dump $1B BUSD for BTC, ETH, BNB… Here’s Why By DailyCoin
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© Reuters. Binance to Dump $1B BUSD for BTC, ETH, BNB… Here’s Why
- CZ of Binance announced a major purchase of crypto.
- The move comes as Binance removes the remaining BUSD from its Industry Recovery Fund.
- Exchange tapped into its BUSD from the Fund just once before Monday.
Binance is going on a crypto buying spree as it gets rid of its remaining holdings in controversial BUSD stablecoin.
Binance will convert about $1 billion of its Industry Recovery Initiative funds from Binance USD (BUSD) to other cryptos, including BTC, BNB, and ETH.
The move comes after New York regulators banned stablecoin issuer Paxos from creating any new BUSD.
Why Binance Moved 850M From Recovery Fund
On Monday, Binance CEO Changpeng (CZ) Zhao Tweeted about a major transfer of ERC-20 tokens. The exchange is liquidating the remaining of its BUSD tokens after New York…
Continue Reading on DailyCoin
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© Reuters. Binance to Dump $1B BUSD for BTC, ETH, BNB… Here’s Why
- CZ of Binance announced a major purchase of crypto.
- The move comes as Binance removes the remaining BUSD from its Industry Recovery Fund.
- Exchange tapped into its BUSD from the Fund just once before Monday.
Binance is going on a crypto buying spree as it gets rid of its remaining holdings in controversial BUSD stablecoin.
Binance will convert about $1 billion of its Industry Recovery Initiative funds from Binance USD (BUSD) to other cryptos, including BTC, BNB, and ETH.
The move comes after New York regulators banned stablecoin issuer Paxos from creating any new BUSD.
Why Binance Moved 850M From Recovery Fund
On Monday, Binance CEO Changpeng (CZ) Zhao Tweeted about a major transfer of ERC-20 tokens. The exchange is liquidating the remaining of its BUSD tokens after New York…
Continue Reading on DailyCoin
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