Binance to delist and end support for $BUSD stablecoin in December 2023
Binance, one of the largest cryptocurrency exchanges in the world, has announced that it will delist and end support for its BUSD stablecoin by the end of December 2023. This decision comes as a result of regulatory pressure and compliance issues that have affected Binance’s operations in several countries.
BUSD is a stablecoin pegged to the US dollar, which was launched by Binance in partnership with Paxos Trust Company in September 2019. BUSD was designed to offer traders and investors a convenient and secure way to access the US dollar on the Binance platform, as well as to facilitate cross-border payments and remittances.
However, Binance has faced increasing scrutiny from regulators and authorities around the world, who have accused the exchange of facilitating money laundering, tax evasion, market manipulation, and other illegal activities. Binance has also been banned or restricted from operating in several jurisdictions, such as the UK, Japan, Germany, Canada, and the US.
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As a result, Binance has decided to delist and end support for its BUSD stablecoin, as well as other tokens and services that may pose regulatory risks. According to a blog post published by Binance on November 30, 2023, BUSD holders will have until December 31, 2023, to withdraw or convert their BUSD tokens to other cryptocurrencies or fiat currencies. After that date, BUSD will no longer be available on the Binance platform or any of its affiliated platforms.
Binance has also advised its users to exercise caution when dealing with BUSD or any other stablecoins, as they may be subject to volatility, liquidity issues, legal uncertainties, and regulatory actions. Binance has stated that it will continue to work with regulators and authorities to comply with local laws and regulations, and to provide a safe and reliable service to its customers.
Binance’s decision to delist and end support for its BUSD stablecoin marks the end of an era for one of the most popular and widely used stablecoins in the crypto space. It also reflects the challenges and difficulties that Binance and other crypto exchanges face in navigating the complex and evolving regulatory landscape of the global crypto industry.
The Proposed STABLECOIN ACT
The proposed Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act is a bill that aims to regulate the issuance and use of stablecoins in the United States. Stablecoins are digital assets that are designed to maintain a stable value by being backed by another asset, such as a fiat currency or a commodity.
The STABLE Act would require any entity that issues or operates a stablecoin to obtain a banking charter, comply with banking regulations, and obtain approval from the Federal Reserve and the FDIC. The bill also grants the Federal Reserve the authority to impose fees and restrictions on stablecoin transactions.
The proponents of the STABLE Act argue that it is necessary to protect consumers and financial stability from the risks posed by unregulated stablecoins. They claim that stablecoins could facilitate money laundering, tax evasion, fraud, and market manipulation, as well as pose systemic threats to the financial system if they fail to maintain their peg or face a run on their reserves. They also contend that stablecoins are essentially deposit substitutes that should be subject to the same rules and oversight as banks.
The opponents of the STABLE Act counter that it is an overreach that would stifle innovation and competition in the crypto space. They assert that stablecoins are already subject to existing laws and regulations, such as anti-money laundering and consumer protection rules, and that imposing additional burdens would create barriers to entry and reduce access to financial services for the unbanked and underbanked populations. They also argue that stablecoins are not deposit substitutes, but rather payment instruments that enable faster, cheaper, and more inclusive cross-border transactions.
Wormhole crypto RAISES $225M AT $2.5B VALUATION as Mark Cuban sold major stake in Dallas Mavericks for $3.5B
Wormhole crypto, a decentralized platform that enables cross-chain transfers of any digital asset, has announced that it has raised $225 million in a Series B funding round led by Andreessen Horowitz. The round values the company at $2.5 billion, making it one of the most valuable projects in the crypto space.
Wormhole crypto was launched in 2020 as a solution to the problem of interoperability between different blockchains. The platform allows users to move any token or NFT from one chain to another, without relying on centralized intermediaries or bridges. Wormhole crypto supports Ethereum, Solana, Binance Smart Chain, Polygon, and Terra, and plans to add more chains in the future.
The company claims that it has processed over $1 billion worth of cross-chain transfers since its inception, and that it has over 100,000 active users. Wormhole crypto also boasts a strong ecosystem of partners and integrations, including Metamask, Phantom, Serum, Raydium, and OpenSea.
The new funding will be used to expand the team, scale the platform, and launch new features and products. Wormhole crypto plans to introduce a governance token, a liquidity mining program, a decentralized exchange, and a NFT marketplace in the coming months.
Andreessen Horowitz, one of the most prominent venture capital firms in Silicon Valley, has been actively investing in the crypto space. The firm recently launched a $2.2 billion crypto fund, and has backed projects such as Coinbase, Compound, Uniswap, and Dapper Labs.
Marc Andreessen, co-founder and general partner of Andreessen Horowitz, said in a statement: “We are impressed by the vision and execution of Wormhole crypto. They are solving a critical problem for the crypto industry and enabling new possibilities for innovation and growth. We are excited to support them as they build the future of cross-chain interoperability.”
Mark Cuban sold a majority stake in the Dallas Mavericks for $3.5 billion.
In a stunning move, billionaire entrepreneur Mark Cuban has announced that he is selling a majority stake in the Dallas Mavericks, the NBA franchise he has owned since 2000. The deal, which values the team at $3.5 billion, is one of the largest in sports history and marks the end of an era for Cuban and the Mavericks.
Cuban, who made his fortune in the dot-com boom, bought the Mavericks for $285 million in 2000, when the team was struggling on and off the court. Under his leadership, the Mavericks became one of the most successful and popular teams in the league, winning their first and only championship in 2011. Cuban also transformed the fan experience, investing in state-of-the-art facilities, technology and entertainment.
The buyer of Cuban’s stake is a consortium led by David Bonderman, a private equity mogul and co-owner of the Seattle Kraken, an NHL expansion team. Bonderman said in a statement that he is honored to acquire one of the most iconic franchises in sports and that he will respect and build on Cuban’s legacy. He also said that he plans to keep the current management and coaching staff, including general manager Donnie Nelson and head coach Rick Carlisle.
Cuban said that he decided to sell the team because he felt it was time for a new challenge and that he wanted to focus on his other ventures, such as his role as a judge on the reality show Shark Tank and his investments in various startups. He also said that he will remain a minority owner and a fan of the Mavericks and that he trusts Bonderman and his partners to take the team to new heights.
The deal is expected to close by the end of the year, pending approval from the NBA Board of Governors. The Mavericks are currently fourth in the Western Conference with a 15-8 record and are led by superstar Luka Doncic, who is widely considered one of the best players in the world.