Binance is moving to a “semi-automated” process for managing the reserves of tokens it issues after years in which reserves were mixed with customer funds and at least one major stablecoin, Binance-peg BUSD, was not always fully backed, according to a Bloomberg report.
The crypto exchange acknowledged the problems last month with the tokens, also known as B-tokens, and said they had been fixed.
Binance now has created a partially automated process that ensures B-tokens are “always transparently backed” by a system that only allows new coins to be minted after collateral has been added to the corresponding wallet, a spokesperson told Bloomberg.
All Comments