As of this writing, BUSD has a market capitalization of $5 billion, according to CoinGecko-down from $16 billion the day Paxos said it would stop minting the stablecoin. The trade is only executed on-chain once the parties are matched. Leveraging 0x smart contracts and some other tools, hosts can tap into a combined liquidity pool and relay orders between users. dollars.īUSD, which used to be issued and backed by reserves held by New York-based firm Paxos, hasn’t been minted since the SEC sent the company a Wells notice warning that it intended to pursue litigation over it “violating investor protection laws” in February. Rather than act as a singular DEX, it provides a framework for parties known as relayers to manage off-chain order books. The allegations in the report say BUSD was used to credit customers' accounts when they were really depositing U.S. Everyone was given free 200 BNB (testnet) to trade in a few hundred virtual pairs. It was originally launched on, offering users the ability to access the platform on the test network. This project is featured as an 'Untracked Listing' For more details on the listing tiers, please refer to Listings. This is the perfect use case of the Binance Chain network. Binance. It also said that it found no evidence Binance lost the supposedly commingled funds.Īccording to the report, Binance’s stablecoin, Binance USD (BUSD), is at the center of the controversy. Binance DEX is a decentralized version of the Binance cryptocurrency exchange. Users were making a…īinance did not immediately respond to a request for comment from Decrypt.įor its part, the news outlet did note that they could not independently verify the figures or frequency of the transactions. Binance Australia, the Australian arm of the largest cryptocurrency exchange in terms of daily trading volumes, has recently announced that its Australian dollar services are temporarily suspended. BNB Smart Chain (BSC) supports the most popular programming languages, flexible tools, and comes with clear and canonical documentation. The whole base of their story this morning, is that when users purchased BUSD (Paxos) from Binance, they were taken to a transaction page that had the term “deposit” on it. Binance Australia faces difficulties with services linked to AUD. Let me explain just how desperate a journalist is to publish a negative story.
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