2023 seems not to be a good year for binance as Binance has been experiencing a really tough time from regulations, and this has really affected their coin BNB and also its about to affect their StableCoins BUSD. Binance has been sued by SEC for a lot of reasons, and we have seen how that has affected the binance native coin BNB. BNB used to be one coin that no matter what the market condition is, it will always see some stability or pump. Recently SEC sued binance and this caused Paxos, the company that is responsible for the minting of BNB, to stop minting BUSD. Paxos is expected to stop BUSD redemption in February 2024, this will cause Binance to stop supporting BUSD, which is its official native StableCoin. That is a huge defeat because not a lot of crypto exchanges out there have a native StableCoin, and BUSD was seen to be one of the major StableCoins. I really dont know if this means that we are not going to see BUSD again, or if this is the end of BUSD, but sadly it is what it is.
I have grown to love BUSD, because I kinda felt confident with Binance’s liquidity and how they have been able to hold it down even after all the law suits been thrown at them, so for over 2 years I stopped using any other StableCoins except HBD on the Hive ecosystem. But unfortunately HBD is not listed on any crypto exchange so we can only trade HBD on Hive, but when are we going to see HBD get listed on any crypto exchange? Its one of the most decentralised algorithmically backed StableCoins out there. For now people are advised to convert their BUSD to a different StableCoin, how I wish they knew about HBD, where they can save it for 20%. Although there has been debates on HBD APR deduction, which doesn’t still matter because the option is still better than other options out there where we see stable coin APRs as small as 4 - 6% APR.
This bear market in terms of events seems to be the worst bear market as we have seen a lot of crypto events that has greatly affected the crypto market, from Luna crash, to Genesis,Voyager & Celsius crash, to USDC depeg to 3AC Hack to FTX Bankruptcy Tesla selling its bitcoin to Binance FUD and now binance will stop BUSD support. Crypto regulations were supposed to protect crypto users, but we have seen that these crypto regulators have tried to hurt users, but fortunately the ripple win gave the crypto community some sort of hope. Dont know what the future holds for us but we are going to hold on some optimism and positivity. Hopefully this bull market rewards us for all our patience.
