Binance is the largest cryptocurrency exchange in the world. The USDC stablecoin was converted to USDC on Thursday to boost user confidence.
USDC circulates around 3% more USDC after the conversion.
Today, we transfer 100% of SAFU assets to USDC. Binance said that using a transparent, trusted and audited stablecoin will further increase SAFU’s reliability, while ensuring it stays stable at $1B.
Meanwhile, The Economic Times Reports on Thursday focused on Binance’s current negotiations to return its Indian business, including restructuring operations in compliance with Indian regulations.
Binance’s return to India is the result of a series of discussions to settle a US$2,000,000 penalty, and to align the company with India’s Financial Intelligence Unit regulations. This includes the Prevention of Money Laundering Act and Crypto Taxation Framework.
According to The Economic Times, Binance was a major player in India’s crypto landscape before it received a temporary ban for non-compliance. Indian investors held an estimated US$3.6billion in cryptocurrency assets on the platform.
Binance made significant progress in Dubai by obtaining the full Virtual Asset Service Provider license (VASP), which allows it to provide its services to an even wider clientele including retail investors.
Binance co-founder Changpeng Zhao has made significant governance concessions. For example, he gave up control of Binance FZE in Dubai to comply with regulatory requirements.
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