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🚨 Paxos-Binance USD Issue Sparks Concerns over Stablecoin Oversight and Backing 🤔
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🔢 What You Need to Know in 10 Bullet Points: 📝
#BUSD #Paxos #Binance #Stablecoins #Crypto 💰
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🔢 What You Need to Know in 10 Bullet Points: 📝
#BUSD #Paxos #Binance #Stablecoins #Crypto 💰
1/ 🟢 #Paxos, a regulated trust company based in New York, issues and redeems the dollar-backed token #BUSD, licensed to be called "#BinanceUSD," a #stablecoin.
2/ 📉 In the past 24 hours, #BNB has dropped -6%, and around $2.4bn of shorts have been put on. But the issue does not appear to be around #stablecoins per se, what the market initially feared, but rather that #Paxos was not stringent enough with its oversight of the #BUSD.
1) Since the fall of many notable exchanges a lot of users are asking themselves:
• Should I use a #DEX?
• Which ones should I use?
🧵👇
• Should I use a #DEX?
• Which ones should I use?
🧵👇
2) “Not your keys, not your crypto”
FTX’s collapse is a symptom of a problem inherent to ALL centralized exchanges, also known as custodial exchanges.
Customers tokens parked on the platform are exposed to the risk the exchange could go bust.
FTX’s collapse is a symptom of a problem inherent to ALL centralized exchanges, also known as custodial exchanges.
Customers tokens parked on the platform are exposed to the risk the exchange could go bust.
