Crypto Exchange Binance Converts Assets of Industry Recovery Initiative from BUSD to BTC
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Changpeng Zhao, the CEO of Binance, has announced that the exchange is converting the remaining $1 billion of Industry Recovery Initiative (IRI) assets from Binance USD (BUSD) stablecoin into cryptocurrencies such as Bitcoin, BNB and Ethereum.
He has also mentioned that these fund movements will be done on-chain and be transparent.
Zhao has further stated that he believes the recent aid given to distressed financial institutions reduces incentives to manage risk, as those that fail are given financial help.
The US Treasury, the Fed, and the FDIC have issued a joint statement in support of the banking system, in which they promised to provide a full refund to depositors of the closed banks, SVB and Signature Bank.
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