Binance announced the details of BUSD reserves, including 60.5% U.S.Treasury bonds and 4.21% cash.

[Binance announces BUSD reserve details, including 60.5% U.S. Treasury bonds and 4.21% cash] On August 2, Binance Exchange and trust company Paxos announced the unaudited BUSD reserve detail report, as of June 30 As of today, BUSD is backed by $738 million in cash, or 4.21% of total reserves, and $10.6 billion in U.S. Treasury bonds with maturities within 90 days, or 60.5% of total reserves, while repurchase agreements account for 35% of reserves above.

The report reveals that the 17.4 billion BUSD tokens in circulation are also backed by an additional $6.2 billion in collateralized reverse repurchase agreements from the U.S. Treasury that mature overnight. Additionally, the report disclosed cash custodians, most of which are insured by the Federal Deposit Insurance Corporation (FDIC).

It is reported that BUSD is issued by Paxos, both of which are regulated by the New York Department of Financial Services (NYDFS). According to Binance, Paxos stores customer assets in accounts segregated from company funds, and if the company fails, NYDFS will return assets to users. (Forkast)

Other news:

Binance and FTX have the highest bids for the acquisition of the bankrupt cryptocurrency platform Voyager: According to news on September 21, Binance and FTX have the highest bids for the acquisition of the bankrupt cryptocurrency platform Voyager. (Wall Street Journal) [2022/9/21 7:09:47]

Changpeng Zhao: Binance does not have loans from others, but is self-sufficient: Jinse Finance News, Binance CEO Changpeng Zhao responded to netizens on Twitter today, "Is the goal of Binance to expand its influence and be superior to all other cryptocurrency exchanges?" He said: "Whether it is good or not is subjective, and it will be left to personal opinion. Binance does not have loans from others, but is self-sufficient." [2022/7/7 1:57:36]

Binance will prohibit Singaporean users from using functions such as spot trading: On September 27, Binance announced that its services for Singaporean users will be adjusted. From 12:00 on October 26th, 2021 Beijing time, Singaporean users will not be able to access services including Functions such as fiat currency deposit, cryptocurrency spot trading, and fiat currency purchase of cryptocurrency. Binance stated that the purpose of this move is to restrict Singaporean users in terms of regulated payment services based on its commitment to compliance, and recommends that users stop trading and redeem assets before 12:00 on October 26 to avoid potential risks. dispute. [2021/9/27 17:10:16]