ChainCatcher news, according to Binance's official tweet, today Binance will destroy a large number of Binance-pegged tokens across multiple chains. Subsequently, the corresponding amount of native network tokens used as collateral for these tokens will be released.

ChainCatcher message, Binance tweeted that it will exchange Binance-Peg BUSD collateral assets for FDUSD at a 1:1 ratio later today.

ChainCatcher message, Binance stated on platform X that it will destroy a portion of idle Binance-Peg tokens later today, and then release an equivalent amount of tokens used as collateral on its native network. These tokens include TUSDOLD (BSC), BUSD (MATIC), BUSD (BSC), BUSD (BNB), and BUSD (TRX).

ChainCatcher news, Binance announced on its social media that it will destroy some idle Binance-pegged tokens today, and then release an equivalent amount of tokens used as collateral on its native network, including: TRXOLD (BSC), PAX (BSC), DAI (BSC), USDP (BSC), PAXG (BSC), PAXG (BNB), BUSD (BSC), USDC (BSC). (source link)

ChainCatcher news, Binance stated on its social platform that it will destroy a large amount of Binance-pegged USDT and USDC on the BNB Chain today. It will then release an equivalent amount of tokens used as collateral on its native network. (Source link)

ChainCatcher news, Binance officially released a response to Forbes' false accusations on February 27, stating that Binance sees a large amount of cryptocurrency assets being deposited into user account addresses every day, as well as a significant number of users withdrawing to different wallet addresses. The transfers mentioned in the Forbes article involving Amber Group, Alameda Research, and Justin Sun's addresses are all voluntary actions by these institutional or individual users.Regarding the matters related to Binance-Peg BUSD, Binance will regularly rebalance or update the assets at the pegged addresses. However, previously, this rebalancing and updating could not guarantee real-time execution. Therefore, we have increased the frequency of rebalancing and updating to ensure that the pegging ratio is always 1:1. Additionally, Binance has never misappropriated user funds, whether it be assets from the centralized exchange or collateral for B-tokens, always maintaining a 1:1 fund reserve. (Source link）

ChainCatcher news, according to Forbes, on-chain data shows that Binance misappropriated $1.78 billion worth of Binance-Peg USDC collateral in August 2022, with $1.1 billion of assets transferred to high-frequency trading firm Cumberland/DRW, and the remaining funds transferred to Amber Group, Alameda Research, and Sun Yuchen. Binance's Chief Strategy Officer Patrick Hillmann stated that the transfer of billions of assets between wallets is part of the normal business operations of the trading platform, but Forbes believes it evaded the issue of asset transfers from exchange wallets to external entities. (Forbes)

ChainCatcher message, the New York Department of Financial Services has issued a notice regarding the BUSD issued by Paxos, stating that Paxos is a limited-purpose trust company supervised by the New York State Department of Financial Services. Paxos has now been ordered to stop minting the issued BUSD, as there are several unresolved issues regarding its oversight of the relationship with Binance concerning BUSD.The New York Department of Financial Services authorized Paxos to issue BUSD on the Ethereum blockchain, but the department has not authorized Binance-Peg BUSD on any blockchain, and Binance-Peg BUSD is not issued by Paxos.According to regulatory requirements, all stablecoins issued by regulated entities must be fully backed 1:1 by cash or cash equivalents. These reserves are regularly reviewed through third-party certification and independent internal and external audits. Compliance with the New York Department of Financial Services' stablecoin guidelines and customized regulatory agreements is also part of the review process. (Source link)

ChainCatcher message, Binance explains BUSD transparency. BUSD is issued on Ethereum at a 1:1 peg to the US dollar, supported by Paxos under the Binance brand, and has been approved by the New York Department of Financial Services (NYDFS). Paxos's BUSD reserves are backed solely by cash and short-term U.S. Treasury bills, protecting customer assets from bankruptcy and isolating them from company funds. Binance-Peg BUSD is the wrapped version of BUSD offered by Binance on BNB Chain, Avalanche, and Polygon.According to Etherscan data, as of November 25, the circulating supply of BUSD reached 23.4 billion, of which 5.3 billion BUSD is locked on Ethereum, while approximately 5.3 billion Binance-Peg BUSD is issued on other networks (including 4.85 billion on BNB Chain, 9.5 million on Avalanche, and 4 million on Polygon). The native BUSD locked on Ethereum is close to the circulating supply of Binance-Peg BUSD. (Source link)