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@frxresearch At this juncture, we'd prefer someone else do it, to keep it more ... decentralized. We can't do everything.🤷♂️😂
But thanks for the support though.
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@0x_Abdul We are exploring others, and non-USD based stablecoins.
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8/8 Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from any undue harm.
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6/ "IF" BUSD is ruled as a security by the courts, it will have profound impacts on how the crypto industry will develop (or not develop) in the jurisdictions where it is ruled as such.
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7/ Binance will continue to support BUSD for the foreseeable future. We do foresee users migrating to other stablecoins over time. And we will make product adjustments accordingly. eg, move away from using BUSD as the main pair for trading, etc.
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5/ On the alleged SEC vs Paxos lawsuit, I have no information about it, other than public news articles. The lawsuit is between the US SEC & Paxos.
I am not an expert on US laws. But personally, I agree with Mile’s logic here (not that it means much): twitter.com/milesdeutscher…
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4/ Paxos will continue to service the product, and manage redemptions.
Paxos also assured us the funds are #SAFU, and fully covered by reserves in their banks, with their reserves audited many times by various audit firms already.
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3/ As a result, BUSD market cap will only decrease over time.
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2/ We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services (NYDFS).
Paxos is regulated by NYDFS.
BUSD is a stablecoin wholly owned and managed by Paxos.
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@milesdeutscher BUSD, even though called Binance USD, is NOT issued or redeemed by Binance.
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Improving transparency is an on-going effort. This new system PoR with zk-SNARK is @VitalikButerin's idea (or suggestion). We implemented it now. Keep building. twitter.com/binance/status…
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More privacy and security, this is an important step forward in PoR technology.
Anyone in the industry can take advantage of our open-source PoR system so that we can provide all users with the assurance they need to feel SAFU.
Find the code here: github.com/binance/zkmerk…
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3. Product and Service. Plus transparency.
The #Binance Proof of Reserve system has now integrated with zk-SNARK, a zero-knowledge verification method.
It will also be made open source. We hope this would help the entire industry benefit. twitter.com/binance/status…
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Many thanks to @jump_ for reporting this bug. They got a great security team. Really appreciate it. twitter.com/v_bnbchain/sta…
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Euler proposal: RFC: Deploy Euler to BNB Chain snapshot.org/#/eulerdao.eth…
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More positive policy developments.
Last week, @Treasury_AU - the Australian Treasury, kicked off their “Making Crypto Safer for Consumers” series of consultations, starting with their token mapping consult.
Some reflections 🧵
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» Binance, Türkiye’deki Deprem Bölgesinde Bulunan Kullanıcılarına Airdrop ile 100 $ (1883 TRY) Değerinde BNB Bağışlayacak | Binance Blog binance.com/tr/blog/charit…
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Time to take care of our users. 🇹🇷❤️
#Binance to Airdrop $100 USD in BNB to Users in Turkey Earthquake Regions. Total roughly $5m USD (94m TRY).
More efforts still being worked on.
binance.com/en/blog/charit…
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While some banks withdrawing support for crypto, other banks are moving in. Some setbacks were expected from last year's incidents. Long term, keep building.
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It is worth noting that USD bank transfers are leveraged by only 0.01% of our monthly active users.
However, we appreciate that this is still a bad user experience and the team is working on quickly resolving this issue. twitter.com/binance/status…
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We are truly saddened by the earthquake in Turkey 🇹🇷. Our team has been working on a solution to help the people. There are quite a few details. I have had 4 meetings on it today. More details to come. Stay strong. 🙏
CEO @binance, holder of #bnb #btc