By Larry Wright
Binance has suffered from a regulatory backlash on the matter of its native stablecoin project called BUSD. However, the exchange is determined to recover the losses and convert this into another opportunity.
To this end, the firm has recently shared a plan to deal with the situation. On this account, Binance has informed the users that it will access the Industry Recovery Initiative Fund as part of its mending efforts.
Binance is planning to convert $1 billion in BUSD stablecoins to other cryptocurrencies and assorted tokens. The crypto exchange has thus far nominated a list of top cryptocurrencies such as Bitcoin, Ethereum, BNB, and other options to make up for the losses.
The latest tweet published by Binance CEO has informed the stakeholders about the particulars of the transactions mentioned before.
According to a recent tweet by CZ, Binance has made the $1 billion swap that took only 5 seconds and incurred a negligible cost of $1.29 only. This move might contribute to increasing the traction among the investors.
During the same duration, Bitcoin prices have climbed to $22K on the other hand Ethereum has managed to regain $1.6K per unit once again. Meanwhile, the native cryptocurrency of Binance Smart Chain BNB traded for $300 after undergoing a 10% appreciation.
These crypto price changes have been sourced from CoinGecko. However, at this time the traditional banking sector is in a state of disarray with regulators opting to shut down Signature bank and other crypto-friendly banking institutions.
Another bank that regulators took down during this period was Silvergate which was followed by the demise of Silicon Valley Bank. On account of these massive changes, the investors seem to operate under extreme market conditions.
Coinbase has Decided to Halt the BUSD Transactions
Coinbase is under investigation by the SEC on account of 9 cryptocurrencies suspicions of being unregistered securities. Coinbase has cited the regulatory pushback as the reason for halting trading for BUSD.
The spokesperson of the exchange has claimed that the users who have BUSD reserves in their accounts would still be able to access them freely.
The firm mentioned that the firm regularly monitors all listed currencies on the platform to ascertain if they meet the eligibility criteria. The firm has informed the users that trading for BUSD will halt on all platforms namely Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
The crypto entity has emphasized that the decision to delist cryptocurrency was based on internal deliberation and a review process.