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Binance Holding Ltd is reassessing its position in the U.S. and could cut ties with its partner firms in the jurisdiction amid mounting regulatory pressure, Bloomberg reported.The news comes a few days after Paxos, the issuer of BUSD, was served a Wells notice and ordered to stop minting new BUSD tokens.Friday's report noted that Binance US does not plan to exit the country yet.  Binance Holding Ltd is reassessing its position in the U.S. and could cut ties with its partner firms in the jurisdiction amid mounting regulatory pressure from the SEC and other financial watchdogs, Bloomberg reported on Friday.

A research report by Bernstein suggested the recent regulatory action taken against the Binance USD (CRYPTO: BUSD) stablecoin and its issuer Paxos is specific to BUSD and cannot be applied to other stablecoins like USD Coin (CRYPTO: USDC). What Happened: Some in the industry were concerned that stablecoins and custody rules were under attack, but USDC's issuer, Circle, stated it had not received any notice from the U.S. Securities and Exchange Commission.

Circle's CSO refused SEC Wells notices for its USDC token.

According to on-chain analytic firm, Lookonchain, the recent price surge in Bitcoin is attributed to billions in USDC inflow. 

Bitcoin proponents called it the start of another bull run, while a few other analysts believe it's a bear trap.

The crypto community is still reeling with fear, doubt, and uncertainty (FUD) from the latest regulatory tension in the industry since U.S. regulators have taken enforcement actions on some crypto firms. Firstly, the Securities and Exchange Commission struck Kraken with a fine and halted its staking program.

The issue with this was that the reason given by the SEC was that Paxos was putting an unregistered security on the market. This is why rumors began to circulate about an alleged similar action also by the SEC against Circle, the issuer of USDC.

The USD Coin was developed by the Centre consortium founded by Circle, a peer-to-peer payments company based in Boston, Massachusetts.

Circle refuted numerous claims and rumors that it has become the latest target in the U.S. SEC's war on crypto.

Circle has dismissed any speculation that it was given a “Wells Notice” regarding its USD-pegged stablecoin.

Circle's CSO Dante Disparte has denied a rumor about the SEC issuing a Wells notice to his firm. The news was initially shared by Fox journalist Eleanor Terrett.

Stablecoins such as USD Coin (USDC) and Binance USD (BUSD) see their market capitalization fall following increasing regulatory scrutiny.

Circle's USDC stablecoin has dropped by $1 billion in just seven days, a sign that the crypto market is experiencing a significant downturn. The value of the stablecoin fell from $28.4 billion on 4 February to $27.3 billion on 11 February, according to CoinMarketCap data.

Regulators' latest actions could mark an expanded interpretation of which stablecoins qualify as securities, one lawyer said — but much is still unknown

Capital is starting to flow into USDT out of USDC, according to Glassnode data analyzed by CryptoSlate.  The chart above shows the market cap of USDT and USDC – both stablecoins that are pegged to the US dollar – since March 2021.

Circle, the company behind the USDC stablecoin and a competitor to Binance's BUSD, notified New York's financial watchdog in the fall of last year about irregularities that its team had uncovered from blockchain data. The confidential information revealed that Binance did not store sufficient cryptocurrencies in its reserve to support the tokens it had already The post Did USDC Issuer Circle Tip Off NYDFS On Binance's BUSD Irregularities?

USDC Issuer Circle reportedly alerted the New York Department of Financial Services last year about insufficient reserves at Binance to support the tokens issued by the exchange.

The USDc market cap is down from $44 billion last month to $38 billion with $4.7 billion of it burned just on Friday according to blockchain data.

Stablecoins have been gaining popularity in recent years, as they offer exposure to cryptocurrency without the volatility that is typically associated with it.

The SEC is upping the ante in its war on the industry. After Kraken, its next target is reportedly stablecoin issuer Paxos.

The second-largest stablecoin by market cap USDC saw its circulating supply reduce by around $1 billion in the last seven days.

The USD Coin (USDC) stablecoin has seen a frenzy of activity on Feb. 10, 2023 with many billions worth of the stablecoin burned and minted on the Ethereum (ETH) blockchain.

It appears that the circulation of the stablecoin usd coin has decreased while tether's has grown, as the latest statistics paint a contrasting picture. Tether saw a 3% increase in coins in circulation over the last month, while the U.S. dollar-pegged crypto asset usd coin recorded a decrease of approximately 4.

Binance is adjusting fees charged to users transacting on Tron, a smart contracting platform and Ethereum competitor. Binance Increases Transaction Fees For Tron-Link Transfers In an update on February 10, Binance, the world's largest cryptocurrency exchange, said the fee adjustment follows a recent upgrade on Tron.