JAKARTA On Tuesday, February 14, Binance CEO, CZ, spoke at Ask Me Anything on restrictions and regulatory action against crypto spaces. CZ stated that Binance lost access to banking partners due to restrictions from regulators, causing USD withdrawals to be temporarily suspended.
In addition, with the restrictions on BUSD in the US, CZ believes there will be room for more stablecoins based on the dollar and Binance will support it. CZ also talked about recent regulatory actions involving the BUSD stablecoin.
He said that the USDC publisher, Circle, had notified the New York State Department of Financial Services about alleged irregularities in crypto reserves to support BUSD.
Even so, Binance CEO believes that Circle doesn't do it because it will harm them too. He also added that many global industry regulatory and association agencies are working with Binance in dealing with increasingly strict 3.0 web regulations in many countries.
Furthermore, Changpeng Zhao welcomed India's move to have a similar regulatory framework for crypto and stated that working with global industry regulatory and association agencies for web regulation 3.0 is an important key.
"Having clarity is more important than not having any guidelines. In many markets, there are no guidelines but regulations are carried out by coercion. However, having guidelines doesn't mean it's all good," CZ said in a statement.
In a positive statement, Nirmala Sitharaman, India's Finance Minister, recently stated that crypto involves most of the technology and that work is underway to achieve standard operating procedures, demonstrating giving fans the freedom to operate in the digital asset space.
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