Binance has previously shifted the balance of SAFU funds to more regulated assets.
The Secure Asset Fund for Users — an emergency fund established by crypto exchange Binance to cover user assets — contained various cryptocurrencies, such as Bitcoin , as detailed in an X post by former U.S. Securities and Exchange Commission official John Reed Stark:Why did Binance pick USDC? The stablecoin is widely branded within the crypto community as the market’s most regulated and compliant stablecoin.
According to the compliance professional and board member of Crypto Valley Association, Ekaterina Anthony: “U.S. law enforcement have the same amount of power on both Tether, Circle and Paxos. They can ask any of them to stop serving certain entities if they desire to.” However, she told Cointelegraph that “it might be a bit more difficult to go after non-U.S. residents than to go after U.S. residents — that means that the directors of Circle might be easier ‘to grab.’”But, institutional investors require more secure and regulated markets.
This has created competition among stablecoin issuers to create products that are compliant with emerging regulatory frameworks.Changpeng Zhao four-month prison sentence lighter than expected In contrast, USDC has branded itself as a highly regulated and compliant stablecoin since its launch in 2018. This has In March 2023, it replaced the Binance (Binance’s move to adopt USDC may be highly induced by the oversight of the U.S. authorities. However, the exchange may be making a safe move, following the crypto industry’s trend of exhibiting regulatory compliance to attract the new wave of institutional investors.
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