Markets By TradingView

Data Shows Significant Increase In Withdrawals From Binance And Redemptions Of BUSD

Although net outflows from the cryptocurrency exchange reached $788 million in the past 24 hours.

Bitcoin
Economy
Valentin
Valentin

Valentin

March 13, 2023

In the past 24 hours, Binance experienced a rise in withdrawals, possibly due to investors being apprehensive about recent regulatory measures taken against Paxos and its stablecoin, Binance USD.

In addition, Peckshield reported that 342 million BUSD was burned during this time as a result of significant redemptions.

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The US Securities and Exchange Commission gave notice of a possible enforcement action against Paxos on February 12, alleging that the stablecoin is unregistered.