Will Binance survive the BUSD drama?

This week, Binance was again targeted by the US authorities. More specifically, Paxos, the issuer behind stablecoin BUSD, has been ordered by both the New York Department of Financial Services (NYDFS) and the SEC to stop creating any more coins. BUSD is still tradable, but if demand increases, there will be no more new tokens. That could possibly mean depegging, i.e. decoupling from the US dollar exchange rate that has been held up to now.

BTC-ECHO market experts Stefan Lübeck and Jan Heinrich Meyer on Monday in the Invest Podcast discussed. Due to the negative news situation, there were also significant price slumps in BNB and Pax Gold on Monday. Both setbacks have now been compensated for by a generally strong crypto market. And as the saying goes, “One’s sorrow, the other’s joy”, with Tether there is already a competitor who gratefully absorbed the lost market share. “CZ”, head of Binance, already assured that customer funds are safe and Paxos has enough reserves to exchange all BUSD.

Has your trust in Binance been shaken?

We wanted to know from you how you as investors assess the situation around the world’s largest crypto exchange. We asked you the following question on our social media channels: Will Binance survive the BUSD drama?

• On a!
• B: Yes!
• C: What is it about?
• D: I don’t care.

You could vote from Wednesday to Thursday (February 15 and 16) on Instagram, Twitter, LinkedIn, YouTube and Telegram. And this is your result:

Your conclusion is therefore clear: a whopping 78 percent of you continue to trust Binance. Only 8 percent see this as heralding the end of the No. 1 crypto exchange in terms of trading volume. 7 percent are still unaware of what’s going on and 6.8 percent don’t care about the outcome. A total of 2,538 votes were received across all channels.