About 58.17 Million BUSD Was Transferred From Binance To Paxos Issuer And Destroyed

Recorded About 58.17 Million BUSD was transferred from Binance to Paxos vault and subsequently destroyed. Binance also confirms Paxos as the issuer and maintainer of BUSD.

Early on December 5, according to data monitoring by crypto security firm Peckshield Alert, 58,174,997 BUSD was transferred from Binance to Paxos vault. Also, according to Whale Alert data, at 14:18:35, Paxos vault destroyed 58,174,997 BUSD.

Earlier news on November 20th, binance CEO Changpeng Zhao (CZ) said in an interview with CNBC that BUSD is not issued by Binance, but issued and maintained by Paxos.

In a bear market, exchanges should hold a large number of stablecoins, otherwise it can be taken as a warning sign. CZ shares that all cryptocurrencies on Binance are fully backed by the reserve, even if all customers withdraw at the same time without affecting the normal operation of Binance.

Issuing tokens is the best way to raise funds, but it is full of scams. Instead of banning tokens as a tool, companies that abuse it should be banned.

Additionally, Binance will announce a completely independent asset reserve audit in a few weeks. Binance has always supported industry regulation, but regulation needs to find a balance between encouraging innovation while punishing the bad guys and protecting users.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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