Binance has converted all of the crypto in its $1 billion emergency insurance fund into the stablecoin USDC.
The top global crypto exchange established the “Secure Asset Fund for Users” (SAFU) in 2018 to protect Binance users from “extreme situations.”
The fund has typically attempted to maintain a balance worth $1 billion, though fluctuating crypto prices have impacted the value of its holdings over the years. In late 2022, the fund held $700 million worth of Binance USD (BUSD) and BNB, as well as $300 million worth of Bitcoin (BTC).
Early last year, however, BUSD’s issuer, Paxos, received a “Wells Notice” from the U.S. Securities and Exchange Commission (SEC). In the notice, the regulator stated that it was “considering recommending an action alleging that BUSD is a security and that Paxos should have registered the offering of BUSD under the federal securities laws.”
The New York Department of Financial Services (NYDFS) also ordered the crypto company
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