#exchange

Aave announced the freezing of reserves of the exchange's sole stablecoin BUSD in light of Paxos' move. Mark Zeller claims that the coin has no chance of developing and that it may harm the project's arbitrage opportunities. The 26th of February is predicted to be the Doomsday for BUSD on Ave. Which stablecoin will take the place of the coin is yet to be determined.

Markus Thielen, Head of Research at Matrixport, believes that the SEC is not targeting stablecoins. The charge against Paxos is indirect. The regulators are planning an attack on Binance, which stored customer funds in the same wallet with its collateral for some in-house tokens. The regulations require that exchanges' corporate assets must be recorded in separate accounts and cannot form part of the proof-of-reserves calculations. That's simple: Binance cannot confirm its BUSD reserves. Paxos Trust Company, which is the only issuer of the exchange's stablecoin, serves as a witness in this case, not a defendant. Has CZ fallen into curly-haired Sam’s trap by mixing up customers' wallets with his own? We find it hard to believe. Hopefully, his accounting skills are way better.

This time the SEC hits the crypto exchange Kraken over a possible violation of the Securities Act. Incoming CEO Dave Ripley has refused to delist tokens determined as securities under the Howey test and is now having troubles with the SEC. This case may be settled in the coming days and will make a decisive difference for the entire crypto community. It is also rumored that the SEC intends to ban retail staking. Genesis and Gemini keep their fingers crossed, as they have already stepped into Kraken's shoes once before.

Justin Sun, the hype man of the century, is on it again. His Huobi exchange announced the listing of a provocative coin FUD (FTX Users Debt). The developers promise to buy back all the tokens in the future and use these funds to cover FTX's debts. Amid the announcement, the price of FUD soared by several hundred percent, but it rolled back quickly. There is a probability that the FUD token may become popular.

Over the last day, Voyager Digital transferred assets worth approximately $9.6 million to Coinbase, Binance US, and Kraken, including 4.9 million VGX, 221,000 LINK, 3,050 ETH, and 270 billion SHIB. Another interesting fact: one of the addresses has 6.8 trillion SHIB, putting it in 18th place among the largest owners of the meme coins after the transfer. We've got a riddle for you: you're broke, you need money, the enemy is nearby, so you transfer 270 billion coins to the exchange. Is it for a far-off journey or an inheritance?

Payouts will begin on March 10 and will be made in both BTC and fiat. As of now, the applicants will receive about a fifth of the claim amount. For 2019, the exchange balance was 142 thousand BTC ($3.3 billion), 143 thousand BCH ($19 million) and $510 million in Japanese yen. It must be said that the situation with Mt.Gox was so hopeless that many investors perceived the receipt of their coins as a gift from the gods. In addition, bitcoins were lost at a completely different price. Adam Beck, CEO of lending company Blockstream, says: “I pretty much wrote off the bitcoins I had on Mt.Gox as a loss. So philosophically, whatever I get now is a cold storage bonus.”

Blockchain technology has been used to pilot Brazil's digital real. Execution took place on the Stellar infrastructure of the local Mercado Bitcoin exchange. The experiment included a KYC procedure, a fraud protection check using decentralized identity identification, and direct fund transfers. All worked well, no violations of the country's laws were detected (thankfully, the tests had not yet been banned), though Mercado's head teased that the Central Bank's real motive was to see how things would unfold if it lost its direct control over money.

The Coinbase exchange presented its own "second layer", which will be called Base. The network is built in cooperation with Optimism. Welcome to the testnet, where you can test the development of new dexes, wallets, NFTs, landings, and more. The project's goal is ambitious: to push the industry to 1 billion users.

Yesterday, the U.S. Securities and Exchange Commission demanded that Kraken shut down its staking service. And today, SEC Commissioner Hester Peirce lashed out at her fellow regulators over their decision on the crypto exchange. According to Peirce, the SEC should develop transparent registration rules, instead of banning a program that served both investors and companies well. "Using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating," the commissioner said. What title is after commissioner? Start a petition!