Binance, the world’s biggest cryptocurrency exchange, recently converted Binance USD (BUSD-USD) worth about $1 billion into other cryptocurrencies, including Bitcoin (BTC-USD), Ethereum (ETH-USD), and BNB coin (BNB-USD).
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The move is a result of heightened uncertainty in the crypto market due to the downfall of Silvergate Capital (SI) and the shutdown of crypto-friendly Signature Bank (SBNY).
Further, the legal battle faced by crypto company Paxos is another reason for the conversion of the funds. Last month, the New York Department of Financial Services ordered Paxos to stop the issuance of new dollar-pegged BUSD tokens.
BUSD has lost approximately 39.3% of its value from an all-time high of $1.65 due to macroeconomic challenges and economic uncertainty. Nevertheless, it is up about 0.1% in the past three months.
