Binance has answered a letter from United States Senators from early March requesting information about the crypto exchange operations in the country, including its balance sheet. 

In a recent development in the crypto market, massive amounts of ETH tokens were seen to be transferred in one go on late Saturday noon. According to blockchain data, an unknown wallet transferred 18,657 ETH tokens, which translates close to 33,130,424 USD to Binance, the world’s largest crypto exchange by market share.

This swap is to ensure that assets in SAFU continue to protect users in the long term as the BUSD market capitalization continues to decrease over time.

Cryptocurrency exchange Binance announced on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos' recent decision to stop minting new Binance USD (BUSD), leading to a decrease in BUSD's market capitalization over time. 

The recent shake-up in the United States banking system appears to shift interest and demand toward crypto solutions. Trackers note that since last week’s crisis, there has been a remarkable increase in downloads of crypto dapps offering exchanging and asset storage services. 

Binance Converts Its BUSD in SAFU Funds to Other Stablecoins; China’s Fujian Province Has Processed $22bn Worth of Digital Yuan

Binance – the world’s largest cryptocurrency exchange – announced that it has converted the BUSD stablecoin it its SAFU fund. The Secure Asset Fund for Users (SAFU) was launched by the exchange back in 2018 as an emergency insurance fund in order to protect users. The fund initially consisted of Bitcoin (BTC), Binance USD (BUSD), and Binance Coin (BNB).

Back on January 29, 2022, Binance unveiled the “Secure Asset Fund for Users (SAFU), which is an emergency insurance fund valued at $1 billion to safeguard its users from any catastrophic event. The SAFU fund wallets were initially stocked with BNB, BUSD, and BTC. However, in light of Paxos being asked to stop minting new BUSD by the New York state regulators, Binance has swapped out BUSD assets in the fund for two major stablecoins competing in the market.

The world’s largest crypto exchange Binance on Friday announces support for the Ethereum Shanghai and Capella (Shapella) upgrade and will process staked Ethereum withdrawals. However, the staked ETH withdrawals from the crypto exchange will be delayed for a week after the Shanghai upgrade on the mainnet scheduled on April 12.

Binance CEO Changpeng Zhao announced the move to convert $1 billion Industry Recovery Initiative funds from BUSD to ‘native crypto’, such being Bitcoin and Ethereum alongside BNB.