Bitcoin and Ethereum at the Center of Discussions 

Investors emphasized Bitcoin’s scarcity and its role as a digital money network. BTC price drew attention by breaking a strong resistance level between $16,500–$16,900. Technical indicators suggest potential breakout above the 100 and 200-day moving averages. According to Santiment, investors also discussed Bitcoin’s value-creating aspects beyond store of value, self-custody, and running nodes. The term “btc” frequently appeared in discussions about liquidity and flash crypto offerings. Related words: money, value, adoption, hedge, gold, store of value. 

For Ethereum, investors discussed multi-wallet support and easy transfers using the term “eth.” The “Shanghai” upgrade, staking, and decreasing supply (deflation) boosted ETH price. Whale and large player movements strengthened market sentiment. Santiment also highlighted Ethereum’s central role in the crypto-finance ecosystem through flash tokens and investment opportunities. Related words: move, disinflation, trading, future, value. 

MicroStrategy, Tether, and Stablecoin Updates 

Dogecoin trended on social media with news of the first U.S. Dogecoin ETF and Thumzup’s purchase of 3,500 devices. Additionally, the first Dogecoin satellite launched via SpaceX Falcon 9 attracted attention. These developments increased community support and institutional interest, bringing DOGE to the forefront on social media. The price remains around $0.21 with modest growth expected. Related words: week, trading, Elon Musk, exchange, Falcon. 

MicroStrategy shares drew investor attention with Bitcoin reserves and potential S&P 500 inclusion. Comparisons with ETFs were highlighted. Discussions focused on the company’s low-performing technical support level and strategic position. Santiment also emphasized MSTR’s volatility and relationship with institutional investors. Related words: Bitcoin, buying, holdings, MSTR, coin. 

Tether increased its gold holdings to over $8.7 billion. Investments span gold mining, refining, trading, and royalties. The CEO referred to gold as “natural bitcoin.” Santiment also noted new token listings on platforms like BitMart, enhancing Tether’s market influence. Large USDT transfers from exchanges to private wallets may signal future price movements. Related words: BTC, gold, fund, trade. 

BUSD faced pressure due to SEC unregistered securities claims and CEO statements. De-pegging and supply concerns negatively affected BUSD social media trends. Related words: supply, wrong, token, custody. 

MultiversX became a discussion topic due to increased token supply and declining use cases. Some projects are migrating to alternative chains like SUI. Santiment highlighted xPortal and xMoney infrastructure initiatives generating community optimism, and potential buyback mechanisms could support the price. 

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What is DEXE Coin?

DeXe Network is a blockchain platform that includes decentralized finance (DeFi) tools, asset management service and a decentralized social trading platform. The project has a native cryptocurrency called DEXE coin.

DeXe emerges as a social investment platform that copies the strategies of the best investors. There is the opportunity to own one or more tokens for each investor. Each token is supported by a real asset and its price is shaped according to the skills of the investor.

DeXe coin has two important functions:

Automatic repurchase and distribution among insurance funds: Burning tokens for farming rewards among token holders and a percentage of investors’ rewards.

Participation to DeXe DAO: You don’t need to be a DEXE token holder to join DeXe.network and benefit from various social trading functions. However, to fully participate in the community, users need to acquire DEXE.

There are two types of user experience on the platform:

The user can simply copy the wallet through the DeXe interface on the platform.

The user can control statistics and ratings, select the desired investor and start copying the smart contract through the DeXe network.

DeXe Coin Review and Future

It is stated that interest in DeXe Coin is increasing and it is among the promising cryptocurrencies in the future. However, it is stated that investors are still distant to DEXE coin.

DEXE Coin can be purchased through Binance, the world’s largest cryptocurrency trading platform. By becoming a member of Binance, it is possible to send fiat money and then make a purchase in the BUSD and Ethereum (ETH) DEXE trading pair where DEXE Coin is traded. The Limit tab can be used for buying transactions at the desired price on Binance and a purchase request can be entered.

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Both sides faced questions from the judge about why certain cryptocurrencies should be considered securities and subject to SEC rules.

During the hearing, U.S. District Judge for the District of Columbia Amy Berman Jackson pressed both sides on whether they were making a “stretch” in their arguments.

Whether other assets traded on Binance meet or do not meet the criteria of the Howey test, a set of parameters used by the SEC to determine whether an asset is a security.

In June, the SEC sued Binance Holdings and former CEO Changpeng Zhao, accusing the cryptocurrency exchange of lying to customers, not restricting U.S. investors’ access to Binance, misdirecting capital to separate investment funds owned by Zhao, and operating as an unregistered exchange.

The SEC also said that 12 tokens on the exchange, including BNB and BUSD, are securities.

The event on Monday was the second major showdown between the agency and cryptocurrency exchanges this month. Coinbase and the SEC faced off in court separately last week in a separate case.

Howey Disagreement (Binance)

Judge Jackson criticized Binance for how its attorneys portrayed the Howey Test during Monday’s hearing.

“Howey says an investment contract is an offer to sell, a contract, transaction, or plan,” Jackson said. “One of three things. It wasn’t talking about a contract-based transaction or plan.”

Binance’s representative attorneys insisted that a real contract is necessary for an asset to be a security. The judge later backed down, arguing that case law says the law was designed to be broad.

Later in the hearing, Jackson asked SEC attorneys about the criticism they have received for being unclear about how the rules will be applied to the cryptocurrency industry.

The SEC’s attorney said he disagreed that the agency has made contradictory statements, pointing to guidance the agency has issued over the years.

The SEC attorney said, “Howey is clear and you don’t need a regulator to come to you and tell you specifically that you might be violating securities laws.”

In the SEC’s view, Binance’s constant promotion of its business and its BNB and BUSD tokens created reasonable expectations of profit for people who bought those tokens. Binance’s attorneys, on the other hand, argued that the mere fact of promotion cannot be a factor by itself, because any business promotes itself.

The post Binance and SEC Face Off in Court! appeared first on Coin Engineer.

Paxos could strengthen its relationship with the New York Financial Services Department and potentially compete with industry giants like Circle and Tether through its plan to expand to the Solana blockchain, which they are prepared to launch on 17 January 2024.

In 2018, the company received approval from the New York Financial Services Department for its first stablecoin, which was later renamed Paxos Standard or 2021’de USDP.

The company’s direct collaboration with DFS and its focus on regulatory compliance significantly sets it apart from its competitors. USDP, a stablecoin pegged to the US dollar, is currently being issued on Ethereum.

Paxos strategy Chief Walter Hessert stated in his remarks that the expansion to the Solana blockchain is a crucial step for providing broader accessibility of stablecoins to everyday consumers. By integrating USDP into Solana, they aim to make trusted stablecoins easily purchasable and usable by everyone.

Paxos progresses with PYUSD

During the bear season, Paxos was severely affected and faced problems due to allegations that BUSD, a stablecoin joint venture with the Binance exchange, had uncertain reserve support and was producing a synthetic version of BUSD.

After the New York Financial Services Department’s request to halt the latest BUSD issue resulted in a 95% drop in Paxos’s revenues, the company that agreed with Paypal moved forward by issuing PYUSD.

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Binance’s new obligations were detailed in an 11-page document. It was emphasized that the Department of Justice has permission to access all of Binance’s documents and resources.

The US Department of Justice made a statement about Binance

The Department of Justice stated that it will closely monitor Binance’s activities, especially in areas such as money laundering. The previous agreement includes FinCEN’s authority to provide oversight for five years, and these oversight activities could cost the exchange millions of dollars. Former SEC official John Reed Stark stated that Binance’s agreement grants the DOJ, FinCEN, and other financial regulators broad access and audit authority for years.

Binance’s former CEO Changpeng Zhao and the company admitted to violating U.S. laws by agreeing to pay a fine of $4.3 billion on November 21. The SEC came forward with 13 charges against Binance on June 5, claiming that products related to BUSD and BNB tokens were unregistered and also alleged that the institution operated as an unregistered broker.

The SEC expressed its desire to receive “fair notice” about the facts of Binance’s agreement from the court, objecting to Binance’s request for dismissal of the case. This situation reflects Binance’s contentious situation with U.S. regulators.

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Binance has decided to terminate its support for the BUSD stablecoin on December 15. The exchange announced that it would “gradually” withdraw this support following Paxos’s decision to stop printing in February, which allowed the coin to be issued.

In a blog post published on Wednesday, Binance, stated that users can use their BUSD’s until February 2024. However, they will stop withdrawal transactions on December 31 and the remaining BUSD balances will automatically be converted to FDUSD issued by FD121 Ltd.

Binance’s stablecoin underwent regulatory scrutiny in February following the New York Department of Financial Services’ (NYDFS) order to Paxos to cease coin issuance.

Shortly after, Binance, was sued by the Commodity Futures Trading Commission (CFTC) on allegations that it offered unregistered crypto derivative products in the US and violated federal laws. The 24-hour trading volume of BUSD is slightly below $400 million according to CoinMarketCap data, while this figure was around $900 million in August.

With these developments, the decision to reduce Binance’s support on its BUSD stablecoin attracts attention in the cryptocurrency markets, while providing its users with the opportunity to use their BUSD’s until February 2024.

Also, the stopping of withdrawal operations on December 31 and the automatic conversion of remaining BUSD balances to FDUSD emerges as a significant change affecting Binance users.

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This situation occurred at a time when Binance, one of the largest crypto exchanges worldwide, questioned the impact of US financial laws on cryptos. The SEC accused Binance of various legal violations for facilitating trading in cryptos like Solana’s SOL, Cardano’s ADA, and Binance’s BUSD.

According to Circle’s application, payment stablecoins are outside the SEC’s jurisdiction because they do not essentially have the characteristics of an investment contract.

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The SEC claimed that Binance sold BUSD as an investment contract and consequently accused them. However, Binance, last week, applied to dismiss the SEC lawsuit, asserting that the US regulator sought authority over digital assets. The former chairman of the Commodity Futures Trading Commission, Heath Tarbert, made Circle’s amicus curiae application, contributing to the increased complexity of the case.

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In the announcement, the specified pairs for spot are:

UTC 08.00: ALICE/BUSD, AVA/BUSD, BICO/BUSD, CLV/BUSD, DEGO/BUSD, GLM/BUSD, KSM/BUSD, WAXP/BUSD

UTC 10.00: XTZ/BUSD, BNB/BIDR, DOGE/BIDR, SOL/BIDR, TKO/BIDR, XRP/BIDR

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In the announcement, it was underlined that the delisting of these trading pairs does not mean that the tokens will also be delisted. Therefore, it was stated that customers can continue to use the same tokens in other trading pairs.

Binance will also cease the Spot Trading Bot services applicable for the relevant trading pairs on the same date.

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According to an announcement which is published on August 31 by Binance, users should convert their BUSD coin assets to other alternative stablecoins. However, it is clear that the value of the coin won’t change. Additionally, Binance exchange will progressively reduce its support on $BUSD, and it will make an announcement about services damaged. Previously, Paxos had made an announcement to stop the mining of $BUSD tokens.

Despite the decrease in support of BUSD$, Binance will continue its commitment to other coins. Therefore, it suggests that users should convert $BUSD to other assets before February 2024.

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Thus, Binance will delist $BUSD on margin and spot progressively. It says that they will explain the delist news soon. However, users will be able to move on to trading other assets with various stablecoins pairs.

Furthermore, Binance is going to suspend lending $BUSD on cross margin at 09.00 on September 7 of this year. Also, users who use cross-margin and portfolio margin won’t add $BUSD to their wallet but they have permission to use other coins.

To register for Binance with 20% discount click here.

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What is a Stablecoin?

A stablecoin is a virtual currency generally pegged to the US dollar at a 1:1 ratio. Examples of stablecoins include Binance USD, USDT, and USDC. There are over 200 stablecoins in the crypto market, categorized into four types:

1. Fiat-backed stablecoins: These stablecoins integrate with fiat currencies on a 1:1 scale. Fiat-backed stablecoins must always hold an equivalent amount of fiat currency in circulation. For example, if you want to introduce 200,000 stablecoins to the market, you must have $200,000 as collateral. BUSD, USDT, and USDC are examples of fiat-backed stablecoins.
2. Commodity-backed stablecoins: These stablecoins often use precious metals like silver and gold or real estate as collateral. xAUT and PAXG are examples of commodity-backed stablecoins.
3. Crypto-backed stablecoins: These stablecoins use one or more cryptocurrencies as collateral. The collateral cryptocurrencies are locked in specific wallet addresses on blockchains. DAI is an example of a crypto-backed stablecoin.
4. Algorithmic stablecoins: These stablecoins are supported by price algorithms without requiring collateral. The algorithms are equipped with smart contracts and stabilization mechanisms. Think of any cryptocurrency that utilizes smart contracts as an example. For instance, during the $USTC incident, the price algorithms were supported by $LUNA. Both tokens were part of the 2022 crypto crash.

Who is the Founder of Binance USD?

BUSD, a collaboration between Binance and Paxos, and launched in 2019. It aims to increase the competition in the stablecoin market. Also, regulated by the New York Department of Financial Services. Paxos is a blockchain company that has raised over $500 million in investments. The company offers various stablecoin and commodity cryptocurrency units, such as PAXG and USDP. Paxos also provides services to hundreds of leading financial institutions like Bank of America, Mastercard, and PayPal. It is the first and only blockchain-based company approved by the SEC for stock trading. Paxos founded the itBit exchange in 2012.

What is its Purpose?

BUSD is available in daily trading, futures trading, liquidity provision options, collateral, donation campaigns, and launchpad participation. It is currently one of the most popular stablecoins and can generate a passive income of up to 20% through various interest options. In 2023, Paxos announced that BUSD would stop.

Let’s now take a look at the BUSD token economy!

Binance USD Token Economy

As mentioned earlier, BUSD issuance stopped in 2023. In addition, the current circulating supply of Binance USD is 6,280,952,229 tokens, with a market value of $6,281,144,930.

Also, you can access real-time data on Binance USD below.

Where Can I Buy BUSD?

You can find BUSD on various centralized and decentralized exchanges. For example, you can buy, sell, and perform other transactions on the Binance exchange. If you are unfamiliar with how to use the Binance exchange, you can learn through tutorial videos on the Coin Engineer YouTube channel.

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