{"id":287688,"date":"2023-01-10T21:38:28","date_gmt":"2023-01-10T21:38:28","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=287688"},"modified":"2023-01-10T21:40:09","modified_gmt":"2023-01-10T21:40:09","slug":"binance-reportedly-didnt-follow-procedures-for-binance-pegged-busd-reserves","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-reportedly-didnt-follow-procedures-for-binance-pegged-busd-reserves\/","title":{"rendered":"Binance reportedly didn&#8217;t follow procedures for BUSD reserves in 2020, 2021"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Binance failed to follow its procedures for BUSD reserves between 2020 and 2021 since it didn't keep enough reserves to support its BUSD stablecoin, according to a report by Bloomberg.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The mismanagement led to Binance-peg BUSD being undercollateralized three times between 2020 and 2021, with collateral gaps exceeding $1 billion on each occasion, according to data shared by Jonathan Reiter, co-founder of blockchain analytics company ChainArgos.<\/span><\/p>\n<figure id=\"attachment_287695\" aria-describedby=\"caption-attachment-287695\" style=\"width: 957px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-287695 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/Capture-3.png\" alt=\"\" width=\"957\" height=\"503\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/Capture-3.png 957w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/Capture-3-300x158.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/Capture-3-768x404.png 768w\" sizes=\"(max-width: 957px) 100vw, 957px\" \/><figcaption id=\"caption-attachment-287695\" class=\"wp-caption-text\">Source: Bloomberg<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Furthermore, Reiter analysis demonstrated that the amount of Binance-peg BUSD issued on Binance's BNB Smart Chain network indicated that the exchange issued new Binance-peg BUSD tokens over the period without locking up the equivalent amount of Paxos-issued BUSD tokens in its Ethereum wallet as collateral. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Worth noting when users purchase Binance-Peg BUSD, Binance buys BUSD from Paxos and then mints the equivalent amount of Binance-Peg BUSD tokens on the blockchain they selected. Following that, users receive their Binance-Peg BUSD, and an equal amount of BUSD is locked on Ethereum.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nevertheless, a Binance spokesperson has confirmed that, at present, the Binance-peg BUSD is fully backed, and there was no impact on Paxos's BUSD. He also maintained that the earlier events were due to operational delays. <\/span>The Spokesperson said:<\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cRecently, the process has been much improved with enhanced discrepancy checks to ensure it\u2019s always 1-1 pegged.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">After the collapse of FTX last year, Binance faced increased <a href=\"https:\/\/cryptoslate.com\/binance-ethereum-based-token-withdrawals-top-2b-in-24-hours\/\">withdrawals<\/a> from customers and <a href=\"https:\/\/cryptoslate.com\/binance-trading-volume-falls-to-its-lowest-since-october-2020\/\">diminished trading volumes<\/a>. BUSD withdrawals from the exchange led the stablecoin supply to decline by over 15% within 24 hours, according to <a href=\"https:\/\/cryptoslate.com\/busds-supply-falls-below-20b-as-usdcs-supply-climbs-above-45b\/\">reports<\/a> from Dec. 14.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Binance CEO Changpeng Zhao has defended the exchange, saying that the firm will <a href=\"https:\/\/www.binance.com\/en\/blog\/from-cz\/a-letter-from-our-ceo-2022-the-year-of-resilience-3832363980753069400\">emerge stronger<\/a> from its challenges.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance failed to follow its procedures for BUSD reserves between 2020 and 2021 since it didn&#8217;t keep enough reserves to support its BUSD stablecoin, according to a report by Bloomberg. The mismanagement led to Binance-peg BUSD being undercollateralized three times between 2020 and 2021, with collateral gaps exceeding $1 billion on each occasion, according to [&hellip;]<\/p>\n","protected":false},"author":1393,"featured_media":286975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77873,39],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance reportedly didn&#039;t follow procedures for BUSD reserves in 2020, 2021<\/title>\n<meta name=\"description\" content=\"Currently, Binance&#039;s pegged BUSD is fully backed by the US dollar, and Paxos&#039;s BUSD is unaffected, according to a Binance spokesperson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-reportedly-didnt-follow-procedures-for-binance-pegged-busd-reserves\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance reportedly didn&#039;t follow procedures for BUSD reserves in 2020, 2021\" \/>\n<meta property=\"og:description\" content=\"Currently, Binance&#039;s pegged BUSD is fully backed by the US dollar, and Paxos&#039;s BUSD is unaffected, according to a Binance spokesperson.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-reportedly-didnt-follow-procedures-for-binance-pegged-busd-reserves\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-10T21:38:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-10T21:40:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/binance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Soumen Datta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Soumen Datta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-reportedly-didnt-follow-procedures-for-binance-pegged-busd-reserves\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-reportedly-didnt-follow-procedures-for-binance-pegged-busd-reserves\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#person\",\"name\":\"Soumen Datta\",\"url\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"caption\":\"Soumen Datta\"},\"jobTitle\":\"Journalist\",\"description\":\"Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects. 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