Investors withdrew USD 6 billion from Binance due to claims from US regulators
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Recently, investors have withdrawn about $6 billion from the Binance USD (BUSD) stablecoin, Western media write about this with reference to these platforms. CoinGecko and analytical company Nansen. The outflow of funds is associated with the actions of US regulators in relation to the stablecoin.
As Paxos Trust Company (BUSD issuer) reported on Feb. 13, the US Securities and Exchange Commission (SEC) stated that Paxos should have registered BUSD as a security. According to the regulator, Paxos, by not doing this, violated US law, so the SEC is considering suing the company. On the same day, the New York State Department of Financial Services Compliance demanded from Paxos to suspend the issuance of new tokens.
According to CoinGecko, the market capitalization of all BUSD has decreased by $5.6 billion in recent weeks, from $16.1 billion on February 13 to $10.5 billion today, March 1. The Financial Times, citing Nansen data, reports that investors have withdrawn more than $6 billion from BUSD.
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