|
Most of the money has moved from Binance USD into Tether,
another so-called stablecoin where tokens have a $1 value,
Binance boss Changpeng Zhao said on Twitter. "Landscape is
shifting," he said.
Stablecoins are used for trading between crypto tokens and
between crypto and traditional assets. Binance USD is the
third-biggest stablecoin behind Tether and USD Coin.
Tether's market capitalisation - a measure of the amount of
money held in Tether - is up about $2 billion this week
according to analytics site coinmarketcap.com.
On Monday the New York Department of Financial Services said it
ordered the firm behind Binance USD, Paxos Trust Company, to
stop minting the tokens. Paxos said it was also told by the U.S.
Securities and Exchange Commission that the firm, which is based
in New York, should have registered the stablecoin product as a
security.
Binance's native token, Binance Coin, fell on the news but has
since recovered and was last steady at $306.96.
Reuters reported on Thursday that Binance, a cryptocurrency
exchange, had secret access to a bank account belonging to its
purportedly independent U.S. partner and transferred $400
million to a trading firm managed by Zhao.
(Reporting by Tom Westbrook.; Editing by Simon Cameron-Moore)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
