Binance, the world’s largest cryptocurrency exchange by trading volume, has made a notable move in terms of Bitcoin (BTC) and 2 altcoins. Binance CEO Changpeng Zhao (CZ) said in a statement that due to the collapse of crypto-friendly banks and the loss of USD stablecoins, Binance’s remaining funds in the industry recovery fund have been transferred to Bitcoin (BTC), BNB (BNB) and Ethereum (ETH). ) to declare that they are converted.
$985 million conversion
Amid the banking and stablecoin crisis, Binance CEO CZ announced that the cryptocurrency exchange has switched nearly $1 billion in industry recovery funds from BUSD to BTC, BNB and ETH. In a statement, CZ said, “Given the stablecoin and banking changes, Binance will be converting the remaining assets in the $1B Industry Recovery Fund from BUSD to BTC, BNB and ETH. Some of the funding movements are clearly visible on-chain .It’s transparency.” He said the process would be done in a transparent manner.
According to data from Etherscan, there are $979.8 million in wallets under the Binance Industrial Recovery Fund, worth about $985 million. This price gap in BUSD should normally be worth $1 each, as many stablecoins lose USD stability in the event of crypto-friendly bank failures.
According to the transaction details, Binance launched the BUSD exchange through the decentralized exchange Uniswap at 8:31 am today. Whale Alert also confirmed that $985 million worth of BUSD was transferred from Binance Recovery Fund to Binance.
Market analysts and experts pointed out that this move by Binance is extremely beneficial to the market and will drive prices higher by creating selling pressure on Bitcoin, BNB, and Ethereum.
Crypto-friendly banks are failing one by one
Signature Bank, on the other hand, was declared closed by New York state regulators following the collapse of Silvergate Bank and Silicon Valley Bank. Binance CEO CZ issued a noteworthy warning, noting that this appears to be a “coordinated effort to shut down crypto-friendly banks.”
Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Ömer Ergin, without permission, may not be reproduced