BUSD

Dfranco123

SEC sues CZ & Binance for mishandling funds and lying to regulators. SEC declares ATOM, MATIC, SOL, FIL, BNB, BUSD, SAND, COTI, MANA, AXS securities.

DuplicateDestroyer

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conceiv3d-in-lib3rty

Don’t forget AMP, REP, UST, TRX, BNB and BUSD (paragraph 360)

conceiv3d-in-lib3rty

Add AMP, REP, UST, TRX, BNB and BUSD to this list. It’s in paragraph 360 of the lawsuit.

iflvegetables

The Binance stablecoin (BUSD) has solid backing as it’s through Paxos and passed muster from traditionally strict regulators like the State of New York. BNB, the native coin of Binance exchange and chains, is a different story. Considering the “burn” mechanism is an at-will repurchase by Binance, I’ve always felt that lacked transparency and feels a little fishy. Unless otherwise proven, it’s not terribly different than entities repurchasing shares. That being said, even if the Binance Smart Chain is a unmitigated shitcoin casino, tokens and projects exist on it. FTT, the FTX equivalent of BNB, was total vaporware. IIRC, FTT didn’t do anything outside of the exchange and SBF used it to collateralize loans and subsequently fuel a Ponzi scheme. While it would not surprise me in the slightest that CZ and Binance have been up to something less than savory, this doesn’t look like FTX to me. If they are guilty, they should be held accountable. I think it’s also worth asking who benefits in a given situation. With FedNow due to roll out imminently, the SEC taking action at the world’s largest crypto exchange will likely disrupt crypto markets that have yet to fully recover seems suspect to me.

coinfeeds-bot

tldr; The SEC has labeled 10 tokens, including SOL, ADA, and MATIC, as securities in its lawsuit against Binance. The SEC has accused Binance of violating securities law by soliciting US investors to buy, sell, and trade crypto asset securities through unregistered trading platforms. The SEC has not brought charges against any of the issuers of the tokens. Binance is also accused of misappropriating user funds and engaging in unlawful trading and issuing of unregistered securities. The SEC has categorized Binance's native BNB token and stablecoin BUSD as securities and a Binance-related staking affiliate as offering unregistered securities. The move to list additional tokens in a lawsuit against an exchange is not new for the SEC. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

AgentAceX

It's shouldn't effect the market if they get shut down by the SEC, they're not collapsing from lack of funds like other exchanges. If they have all the funds like they say, it's just a matter of everyone moving to different exchanges/wallets, the only things that should collapse in that case would be BNB,BUSD etc

Hawke64

Wasn't Binance moving away from using BUSD for quite some time? Or are they talking about BNB?

coinfeeds-bot

tldr; The US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, alleging that the company and its affiliate BAM Trading operated as an unregistered securities exchange, broker-dealer and clearing agency, along with selling unregistered securities including BNB and BUSD. The suit, which if successful could bar Binance and founder Changpeng ‘CZ’ Zhao from business in the US, also alleges that Binance and affiliated companies repeatedly lied to customers and misdirected funds to a separate investment fund owned by Zhao. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Gr8WallofChinatown

BUSD offers aN APY

pbjclimbing

The worse case scenario is that it is discovered that BUSD is unbacked and the defi fallout. Defi is so interconnected that waves would ripple through the crypto verse.

KodineDreamin

\> Billions of dollars in Binance customer funds were commingled in account held by an entity controlled by CEO \> Entity controlled by Binance CEO transferred customer funds to buy stablecoin BUSD Every single private bank owner rn: 

sQtWLgK

and if BUSD is a security then USDC/T are securities too

coachhunter2

SEC are claiming in the Binance case that BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA and XLS are securities. Ridiculous that instead of suing those non Binance project teams, they sneak them into this.

FutureHndrxx123

How is BUSD a security? The fraud alien looking boomer has lost its mind.

FutureHndrxx123

Meh, BUSD and BNB being allegedly securities can be solved with a settlement like Kraken did. And how the hell can a stablecoin be a security?

FutureHndrxx123

"Binance, Binance.US and CZ offered unregistered securities to the general public in the form of the BNB token and Binance-linked BUSD stablecoin, said the suit" SEC bunch of clout chasers, Lawsuit over a stablecoin?? Wtf?

tambaybtc

Next: SEC Alleges BNB, BUSD Are Securities in Lawsuit!

tambaybtc

Next: SEC Alleges BNB, BUSD Are Securities in Lawsuit!

tambaybtc

Next: SEC Alleges BNB, BUSD Are Securities in Lawsuit!

tambaybtc

Next: SEC Alleges BNB, BUSD Are Securities in Lawsuit!

tambaybtc

Next: SEC Alleges BNB, BUSD Are Securities in Lawsuit!

tambaybtc

Next: SEC Alleges BNB, BUSD Are Securities in Lawsuit!

tambaybtc

Next: SEC Alleges BNB, BUSD Are Securities in Lawsuit!

Rogueofoz

USDT, BUSD, USDC, TUSD can blacklist the address and stop the hacker from ever cashing out of them

Consistent_Many_1858

Tldr Blockchain security firm PeckShield recently detected a hack that allowed the attacker to mint over 1 quadrillion Yearn Tether (yUSDT) from $10,000 in the latest decentralized finance (DeFi) exploit.  According to the security firm, the hacker then swapped the yUSDT to other stablecoins, allowing them to take hold of $11.6 million worth of stablecoins. This includes 61,000 Pax Dollar (USDP), 1.5 million TrueUSD (TUSD), 1.79 million Binance USD (BUSD), 1.2 million Tether USDTUSD, 2.58 million USD Coin USDCUSD and 3 million Dai DAIUSD

002_timmy

Your USD are insured on [Binance.US](https://Binance.US). The minute they are converted to anything crypto, including stable coins (BUSD, USDC, USDT, etc), they lose FDIC protection.

Maxx3141

This is a service Binance charges 500 BUSD for. And some fanboys think it really causes this much work. Also kudos for Coinbase, which have a [tool](https://help.coinbase.com/en/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/unsupported-crypto-recovery) to recover unsupported tokens.

DeeperBags

I think alot of the recent increase could be due to the BUSD meltdown.

coinfeeds-bot

tldr; Cryptocurrency exchange Binance has seen a 25% drop in market share since February due to US regulatory crackdowns and the end of free trading promotions. Binance's market share dropped from 57.5% in February to 43% as of May 31. The New York regulators' decision to nix BUSD issuance in February affected Binance's liquidity, as BUSD accounted for about 40% of the company's monthly trading volume. The Commodity Futures Trading Commission (CFTC) issued a lawsuit in March claiming that Binance has its own unregistered trading operation through its "quant desk." Other crypto exchanges, including Bullish, OKX, BitMEX, and Bybit, have seen growth in market share during the same period. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Far-Scholar9028. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

pb__

Wow, what a shitty newspiece. What actually happens is binance delisting BUSD-margined LUNC futures, for obvious reasons, just as they previously delisted or announced delisting of BUSD-margined SHIB, SOL and some other futures. Meanwghile USDT-margined futures for LUNC, SHIB and others remain intact, same as spot pairs.

soyelvorph

I'm in Mexico, here you can buy: BTC ETH BUSD USDT BNB DAI DOGE ADA MATIC XRP Not sure if it varies from country to country

kirtash93

I am one of them. I switched to USDT from BUSD since the last drama with BUSD and US.

Odlavso

People who used BUSD are switching over to USDT and USDC which explains the rise of both

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Far-Scholar9028. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Zerox10

BUSD literally got “turned off” so they couldn’t mint anymore so it basically can only go down now for some time. I don’t really like having one single stablecoin being huge I think it’s better to have many different ones assuming they are all legit.

ChainsofCastamere

BUSD won't exist by 2024. BNB down 90%, Binance falls down to exchange volumes somewhere near Poloniex within next 5 years, essentially gone from North America & Europe.

ChainsofCastamere

Binance is pulling out or falling apart everywhere. At least it's a slow deflation, not immediate implosion. ​ BUSD supply is rapidly diminishing, and could great some real problems on the exchange when it's down a few more billion.

johnruben

**Crypto Market Insight 30 May** \- SNEK Cardano Meme Coin Surpasses 150 Million ADA Cap \- PancakeSwap Launches Tower Defense Game—With CAKE Token Rewards \- XRP hit $0.50 and volume spiked too! \- Binance Expands Trading Options with New ADA/TUSD, LTC/TUSD, and TUSD/BUSD Pairs. \- Bitcoin's BRC-20 Tokens Witness a Surge with Over 10 Million Ordinal Inscriptions and $44 Million in Fees Paid. \- Huobi Takes Hong Kong by Storm with Huobi HK Launch! \- Jimbos Protocol's Newly Launched Version 2 Falls Victim to $7.3 Million Attack Soon After Deployment. \- Brazil President Proposes To Ditch US Dollar For Another Currency Source- twitter and Coinpedia

Upstairs_Living_3102

SafePepe: The Next Moonshot, Missed PEPE? Here's Your Second Chance! Fair Launch, Safety-Centric, Rewarding, and Primed for Lift-off! Attention crypto voyagers! If you looked on with regret as the PEPE rocket left for the moon, brace yourself for a second chance! Presenting SafePepe - a revolution in the DeFi galaxy, centered around safety, rewards, and fair launch! In the tempestuous waters of crypto, SafePepe is a beacon of safety. Each holder reaps a generous 2% BUSD reward on every transaction that rolls across the network. All you have to do is hold SafePepe in your wallet, and watch as your balance inflates! And for those weary of rug pulls, rest easy. SafePepe has locked liquidity, reinforcing the safety barriers around your investment. Launched on the principles of fairness and transparency, SafePepe is currently sitting pretty at a 20k market cap. However, this token is not just primed, it's ready for an exponential ascent. With a solid foundation and a robust plan, SafePepe is all geared up to follow in the footsteps of its predecessor, PEPE, and embark on a moonshot journey. https://linktr.ee/safepepe The excitement doesn't stop there! As we make our grand appearance on CoinMarketCap (CMC), we're set to renounce ownership, catapulting SafePepe into the realm of true decentralization. This is a token that belongs to the community, run by the community. The decision to renounce ownership symbolizes our commitment to create a truly decentralized, transparent, and community-driven platform. As we take our position on the CMC stage, we're also dropping all transaction taxes to an absolute 0%. This is a huge step in creating a seamless, friction-free trading experience for all SafePepe holders. The focus is to keep it simple and rewarding for you, the backbone of SafePepe. So, don't sit on the sidelines and watch this spaceship take off without you. Secure your seat on the SafePepe rocket! We're not just another token in the market, we're a project with a vision - to redefine the norms of DeFi, ensure safety, and reward our community. The countdown has begun - SafePepe is set to soar. Will you be on board? Remember, as always, to do your own research. But keep SafePepe on your radar – it's your golden ticket to a safe, rewarding, and untaxed journey through the crypto cosmos!

Ancient-Letterhead91

Hope Big bull run come and I make $ 1 Million BUSD in Profits

coinfeeds-bot

tldr; The market share of stablecoins pegged to the US dollar has shifted over the past year, with Tether (USDT) increasing its dominance to 65.89% and Circle's USD Coin (USDC) declining to 23.05%. Binance USD (BUSD) and Dai (DAI) also saw decreases in market participation. The US banking crisis led to USDC depegging in March, causing its market cap to drop to $29bn from its $55bn peak. Tether has been criticized for lacking transparency, but its latest audit report shows it has reduced counterparty risk by pulling over $4.5bn out of banks and increasing its US Treasury bills to over $53bn. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

pbjclimbing

What you are advocating for is essentially stopping innovation in the blockchain field. Very very few new L1/L2/L3 have native stablecoin support. Usually one of the first two tokens bridged to a chain is a stablecoin. Hell, even BSC’s BUSD is a bridged token from Ethereum. It generally takes a while for Circle/Tether to provide native stablecoin support if they ever do. There are ~12 chains that have native USDC or USDT. It is important to know the risks and know what is bridged and what is not bridged.

Feeling-Inside5147

The orderbook is very illiquid for AUD/BUSD. If you try to arbitrage the pair, you'll probably lose money because of the spread.

Squidtime

Well that's the thing, I wouldn't withdraw AUD. Id buy BUSD at a bargain, trade for etherium, send that eth to coinspot or another exhange, sell for AUD, put back in my bank account. BUT are deposoits closed? maybe that's why no-one is doing it...

Zerox10

They’ve had 10% or more on stablecoins for months and months at a time, in the past it was BUSD and USDT. Nothing bad happened. Normally it’s like 1-2k dollars limit before you get a lower rate.

zyzzbrah21

Did you miss out on the original PEPE coin? We've got some great news for you! SafePepe is set to become the next big sensation in the world of DeFi and it's giving everyone another opportunity to jump on board. What sets SafePepe apart? It comes with 2% BUSD rewards to holders, just for keeping the token! Imagine earning while you hold - it's as passive as income gets. Even more, liquidity is locked, which ensures safety against the infamous 'rug pull', making it a safe and reliable investment. And here's the cherry on top: the devs are committed to renouncing ownership at 30k market cap. This step ensures true decentralization, further enhancing the transparency and trust in this project. So, if you missed out on PEPE, don't make the same mistake twice. Do your own research, of course, but SafePepe is looking to be the moonshot you've been waiting for. Buckle up, and let's launch together!

Dull_Tough_7149

Tldr:Santiment data shows that crypto whales and sharks have increased their share of stablecoins like USDC, DAI, and BUSD. These big players are holding 100k to 10 million tokens, which is worth $100k to $10m, and can move the market with their large transactions. The whales are the most important group as they hold the most tokens. They may have turned to stables to avoid Bitcoin volatility but could exchange them back for volatile coins when the time is right, creating buying pressure. The flatlining of their stablecoin supplies suggests they may have slowed down their exit from volatile coins, but if they start using their stables to buy BTC, it could be bullish.

richard_ISC

This is how all EXCHANGES work, not to be confused with shady FX brokers. The New York Stock Exchange is also not trading against its customers. Binance is no different than other exchanges. They also don't have to educate people about basic financial concepts (they could). Yes it is like that. You can even see the order book of GBP/BUSD here: https://www.binance.com/en/trade/GBP_BUSD?theme=dark&type=spot

coinfeeds-bot

tldr; Binance, the world's largest cryptocurrency exchange, has been accused of commingling billions worth of customer funds in 2020 and 2021, according to a report from Reuters citing three anonymous sources. The report alleges that Binance used now-defunct Silvergate Bank to commingle billions of dollars on a nearly daily basis. Binance has denied the claims, with its chief communications officer calling the details in the report false. The controversy centers around Binance's stablecoin, Binance USD (BUSD), which was allegedly used to credit customers' accounts when they were really depositing U.S. dollars. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

richard_ISC

>Pretty sure Binance gets a cut of most transactions, they are a business after all. It can't all be supply and demand dynamics at play here. That's just not how exchange works. They get a fee on transaction of 10bps or lower (0.1%) of the trade amount. No, market maker don't give a cut to Binance. Actually, you are free to sell whatever GBP you have for BUSD there for a fat profit. You don't have any? You can't bring any? That's the issue everyone is facing. >I'm ok with them making a buck, but the current exchange rates are really detrimental to their business long term and something needs to be done about it. Yes, this is Binance's problem, since it's their business at stake here. Again, not how market works. They are not responsible for price on their platform, they only provide a platform. >If this was something out of Binance's control why haven't they announced it via a Blog post like they usually do? They can absolve themselves by doing that, but I haven't seen anything official from Binance regarding this FX conversion fee change. They did say they lost their GBP partner. Its all over the news: https://decrypt.co/123364/binance-suspend-british-pound-deposits-withdrawals And again, Binance isn't doing FX for you, they only allow you to trade with other users on their platform. So again, the price is not up to them. It's not s conversion fee. Their fee is still 0.1% or less.

flarept1

I just tried to change BUSD to EUR and rates seems pretty normal

coinfeeds-bot

tldr; Binance commingled customer and corporate funds in accounts held at Silvergate Bank, according to a report by Reuters. The report alleges that Binance corporate funds were directed to an account where users were instructed to “deposit” funds in order to purchase BUSD. Binance insists these weren’t actually deposits, but were users purchasing BUSD. The third account, controlled by Binance chief Changpeng Zhao, is where funds were reportedly commingled and used to purchase BUSD. Binance faces a lawsuit from the Commodities and Future Trading Commission (CFTC) that alleges Binance allowed US persons to trade on Binance and that Binance traded against its users. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Illini005

I read through this whole thing twice and as Binance claims above, the whole article is rooted on the use of the term "deposit" at the pay point when users were buying BUSD and then added color from anonymous sources. Will we ever stop hyperventilating over negative Reuters stories about the industry?

Binance

This story is based on purposely misleading evidence and zero grounding in reality, ignoring our response that these "deposits" were very clearly marked and understood by users to be a transaction for BUSD. Users were not "depositing" money, they were purchasing a product from Binance that they then owned and could either trade or redeem with Paxos. Binance maintains completely separate ledgers for client and user funds, unlike what FTX has been alleged of doing - this includes the time period between 2019 and 2021 when the anonymous sources claim. Do see our full response here - https://twitter.com/PRHillmann/status/1660987014626287617?s=20

MaeronTargaryen

Wow, that’s a long article, Binance will be in the news for a few days. The accusation: > One of the sources, a person with direct knowledge of Binance’s group finances, said the sums ran into billions of dollars and commingling happened almost daily in accounts the exchange held at U.S. lender Silvergate Bank. Reuters couldn’t independently verify the figures or the frequency. But the news agency reviewed a bank record showing that on Feb. 10, 2021, Binance mixed $20 million from a corporate account with $15 million from an account that received customer money. Binance’s response: > In a statement to Reuters, Binance denied mixing customer deposits and company funds. “These accounts were not used to accept user deposits; they were used to facilitate user purchases” of crypto, said spokesperson Brad Jaffe. “There was no commingling at any time because these are 100% corporate funds.” When users sent money to the account, he said, they were not depositing funds but buying the exchange’s bespoke dollar-linked crypto-token, BUSD. This process was “exactly the same thing as buying a product from Amazon,” Jaffe said.

Kindly-Wolf6919

Its amazing how it's like someone pulled a reverse uno card on the crypto space. Everyone thought FTX was safe but turns out it was a fraud. USDC, BUSD dpegged which caused people to flock to USDT (the supposed most hated and shady stablecoins). Ledger just took a complete turn on cold storage with their latest update and now trezor. You can't make this shit up.

pbjclimbing

> arguably This isn’t arguable. There is more USDT, USDC, and BUSD that is native to Ethereum by market cap, along with stETH than SHIB. Defi is Ethereum’s bread and butter. I am not being accusatory when I asked my question. I have a theory on what I think ADA’s roll will be, but I was wondering as someone who is currently buying ADA why/what roll do you think it will have. The answer might be different than my thoughts or different than the prevailing opinions of a year ago.

flarept1

I'm in Eu but this is what I do. I bank deposit EUR(1 € deposit fee) Buy BUSD with EUR( really low fee) Buy BTC with BUSD ( 0 fee) 100€ gets me about 98.5€ worth of Btc so just a 1-2% fee in total

pbjclimbing

Trying to brainstorm the cheapest way to get Synapse USDC off of Klaytn. I can’t find liquidity for Orbit BUSD or any other low fee withdrawal method. The cheapest I have found is $30 to transfer to Ethereum and then ETH gas to transfer to an exchange. It is only like $500 and I would prefer to not pay 8%.

Apprehensive_Baker80

100$ was just an extreme example. You’re the dumb one if you’re storing your wealth in other crypto besides bitcoin or eth. Also using usdt or BUSD in what network? In a non-secure network like bep-20 and risk getting rugged like your name suggests?

NoRugPlz

Third world country resident here, not how it works. You seem very uneducated about third world countries. The vast majority of third world countries have wages way higher than $100 a month. And besides that who says that its only Bitcoin that can be used? We can literally use any cryptocurrency and switch to stablecoins like USDT and BUSD for pennies. Please educate yourself so you don’t sound dumb.

Joe-M-4

Good question! I bought USDT and USDC in other years' Experiments, it was BUSD's turn

OPTIMUS-PRIME27

BUSD be like: Hold my stablecoin, I'm aiming for intergalactic tendies!

Lobsters_Are_Ugly

Why did you buy BUSD but not the other stable coins?

Next_Champion_5017

Hodl BUSD

MayorAnthonyWeiner

Bruhhhh what do you mean BUSD to the MoOoOoN can’t wait to see what my stack is worth when it hits bitcoins price !!!!!

pbjclimbing

I’m glad you bought that BUSD. Going to make you a millionaire.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Far-Scholar9028. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Far-Scholar9028. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

hex_peson

So lets see... Japan, korea, Canada last week, they are having issues with the U.S lately... BUSD to soon vanish.. It's not looking good for binance to say the least.

TerraceTower

What facts? He got USDC mixed up with Paxos BUSD. Circle never stopped minting.

conceiv3d-in-lib3rty

The SEC demanded Paxos stop minting BUSD Circle [minted](https://etherscan.io/tx/0x3e9103b9e15e724b72272c50766a4368d1789e4dacad9bac23bbf69665d86ce0) 187 million USDC just 2 days ago

Krupda42

Wait until the SEC pulls the rug on BUSD Don't forget that they served Paxos with a Wells Notice a couple of months ago The lawsuit could come at any time as it's been more than 30 days

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Far-Scholar9028. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance