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Binance Ends Support for BUSD Stablecoin: What It Means for Users and the Future of Stablecoins

Binance, one of the largest cryptocurrency exchanges in the world, has made the decision to end support for its Binance USD (BUSD) stablecoin. This move comes after Paxos, the company responsible for minting new BUSD coins, announced that it would be halting its operations. The transition is set to take place on December 15th, and it will have significant implications for users of the BUSD stablecoin. Automatic Conversion to First Digital USD Starting on December 31st, many users' BUSD balances on Binance will be automatically converted into First Digital USD. This conversion will take place seamlessly, and users will not be required to take any action. The transition is designed to ensure a smooth and uninterrupted experience for BUSD users. Implications for BUSD Users While the automatic conversion should minimize any disruption for BUSD users, it is important for them to be aware of the implications of this change. Once their BUSD balances are converted into First Digital US

Spot Bitcoin ETF Approval: Galaxy Digital CEO Predicts Green Light in Next 3 Months

Galaxy Digital CEO Mike Novogratz expressed confidence that a spot Bitcoin ETF will likely receive approval within the next three months. During an interview with CNBC, Novogratz highlighted the positive dialogue between industry participants and the Securities and Exchange Commission (SEC), suggesting that the regulator is moving in the right direction. Novogratz believes that the SEC is under significant pressure to approve a Bitcoin ETF, especially following its recent court loss to Grayscale. After the SEC missed the deadline to appeal the court defeat, investor confidence in an upcoming ETF approval has increased. Grayscale's narrowing GBTC share discount further reflects this sentiment. Additionally, both ETF applicants and analysts have noticed a more constructive change in tone from the SEC, with more specific questions being asked during the comment period. Ark Invest CEO Cathie Wood also shared similar sentiments, stating that she believes hopes are rising for the approval of multiple Bitcoin ETFs. Fidelity recently updated its spot Bitcoin ETF application to address SEC concerns, providing more details on custodial arrangements and Bitcoin hard forks.

Overall, it appears that the momentum for a Bitcoin ETF approval is growing, with industry leaders and applicants noting positive developments in their interactions with the SEC. The court loss to Grayscale and the narrowing GBTC share discount have further bolstered investor confidence in an upcoming approval. As more applicants address SEC concerns and provide additional details in their applications, the likelihood of a Bitcoin ETF approval in the near future seems promising.


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