![]() However, it was worth noting that the net and exchange balances for FDUSD remain lower when compared to leading stablecoins such as USDT and USDC.įor instance, as of this writing, the USDT customer net balance exceeded 15.4 billion, with the exchange net balance at 18.2 billion. As of this writing, the customer net balance exceeded 196 million, while the exchange net balance surpassed 230 million, resulting in a ratio of 116%. Reviewing the POR revealed that Binance and its users now held balances of First Digital USD (FDUSD). ![]() Consequently, Binance has adopted another stablecoin, which debuted in the POR. This decision came in response to a consumer alert from the New York Department of Financial Services (NYDFS), which instructed Paxos, based in New York, to cease minting BUSD. Paxos Trust Company, the entity responsible for minting Binance’s stablecoin BUSD, terminated its association with Binance and ceased issuing BUSD on 21 February. However, it’s worth mentioning that the ratio had increased from 102% in the previous report to its current level of 105%. The customer’s net balance was over 4 million in the last POR. Similar to the BTC balances, the ETH balances have witnessed a decrease. Overall, the BTC ratio remained at 105%.Īdditionally, the customer net balance for Ethereum was over 3.8 million, with the exchange net balance exceeding 4 million. The exchange balance was recorded at over 621,000 BTCs in the last POR. However, there has been a slight decrease in the exchange balance. Compared to the figures reported in the previous POR, there has been little change in customer user balances. Analyzing the Binance and Ethereum reserveĪs of this writing, the customer net balance of Bitcoin on Binance stood at over 588,000, while the exchange balance was over 618,000. However, one thing could be noticed in the exchange’s recent POR: the direction of its stablecoins has changed. FDUSD makes its entry into Binances’s POR.Īs customary of Binance, it recently released its Proof-of-Reserve (POR), taking stock of the assets on the exchange. ![]() Ethereum and BTC balances on Binance were reduced from their previous POR level.It is not offered or intended to be used as legal, tax, investment, financial, or other advice. The largest crypto exchange and its entrepreneurial owner have a fight on their hands and the future of crypto will certainly feel the impact.ĭisclaimer: This article is provided for informational purposes only. and Europe both have Binance in their sights as a regulatory target. Preceding this, in June, Paysafe Payment Solutions, which acted as Binance’s European banking partner, decided to withdraw its services. recently terminated its contract with Binance over AML and compliance concerns. The response did specify that only a very small percentage of their users (1%) would be affected by the card withdrawal, and that Binance Pay (recently launched in Brazil) was available for use in shopping and sending crypto.Īmid all the ongoing regulatory issues that beset Binance, especially in the U.S., its payment options are in a state of flux. Binance Customer Support August 23, 2023 The product, like most debit cards, has been utilized by Binance’s users to pay for basic daily expenses but in this case, the cards are funded with crypto assets. Hello there,The Binance Card will no longer be available to users in Latin America and the Middle East.
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