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Binance CZ Thinks USDC Circle Not Behind BUSD Action

  • Binance CEO CZ complimented India for its proactive cryptocurrency legislation, adding that some restrictions are better than none.

  • The nation's finance minister, Nirmala Sitharaman, recently claimed that cryptocurrency is "99% technology," allowing enthusiasts to operate in the space.

15-Feb-2023 By: Simran Mishra
Binance CZ Thinks US

Binance CEO CZ praised India for its proactive efforts in cryptocurrency regulation, saying that any rules are preferable to none at all.

In response to the regulatory action taken against the BUSD issue and Binance and Paxos' involvement in it, Binance CEO CZ addressed the crowd during a Tuesday Ask Me Anything session. According to him, regulation constraints caused Binance to lose access to banking partners, necessitating the suspension of USD withdrawals. Binance will support more BUSD-based stablecoins as a result of BUSD restrictions in the US, according to CZ.

Enforced Crypto Regulation

The CEO of Binance commented on the strict regulations for the cryptocurrency industry in many nations, saying it was only logical for governments to first tighten regulations for brand-new innovations. He claimed that the first draught would always be too restrictive before subsequent versions resulted in the regulatory framework being loosened. CZ stated that Binance was collaborating on web 3.0 regulation with numerous regulatory organisations and international business organisations.

The latest regulatory move surrounding the BUSD stablecoin was another topic CZ covered. The New York State Department of Financial Services was reportedly warned about the suspected discrepancies in the crypto reserves supporting BUSD by USDC issuer Circle. The CEO of Binance stated that he prefers to think Circle did not do this because it would harm them as well.

Indian Regulation of Crypto

India's initiative to create a single regulatory framework for cryptocurrency regulation among the G20 countries was applauded by CZ. He asserted that any regulatory structure is preferable to a lack of clarity. The government of the nation, which is currently in charge of the G20, is actively negotiating with the other G20 members about regulating the web 3.0 space.

Nirmala Sitharaman, the nation's finance minister, recently stated that cryptocurrency is "99% technology," which is a nice statement that suggests allowing enthusiasts freedom to operate in the space. To establish a standard operating procedure, work is ongoing.

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