Analysts were also confused by the number of reserves in the BUSD stablecoin, which the exchange itself issues. Mazars’ audit report says that the amount of assets controlled by the exchange is 597,602.29 BTC; the balance of net liabilities to users is 575,742.42 BTC; the balance of fixed assets is 582,485.93 BTC.

WSJ consultants noted that there is a 3% deficit in the third position. However, Binance spokeswoman Jessica Jung explained that the difference consisted of loans made to customers in bitcoin against collateral in other assets. She argues that this type of loan is over-collateralized.

Against the backdrop of all these events, Nansen recorded a tremendous outflow of funds from the exchange. Within 24 hours, $1.8 billion was withdrawn from the exchange. Onchain data showed that the Jump Trading fund and market maker Wintermute were transferring significant amounts from Binance in the last week. Jump Trading alone withdrew about $146 million.

Binance then suspended USDC withdrawals via Tron, BNB Chain, and Ethereum. Changpeng Zhao, the head of the company, said that due to increased demand and conversion without a 1:1 margin, they needed to wait for the banks to open. The USDC withdrawal continues to work on the rest of the networks.

For his part, Tron founder Justin Sun attached a hash of the transaction and said he had deposited $100 million on the Binance exchange as support.

Yesterday, Reuters published an article saying that the U.S. Attorney’s Office was ready to launch a case against Binance. Today, Zhao announced that this was not the first time he encountered such aggressive FUD, and they were just keeping working.

The post What’s Happening with Binance? Crash or Rumors? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to the website of the Crypto Council for Innovation, the alliance aims to increase awareness of the various benefits of cryptocurrencies to regulators and policymakers. The website mentions such benefits as boosting economic growth, creating jobs, improving privacy, and improving financial inclusion. In particular, the group aims to generate more awareness about crypto and its benefits. Achieving this would involve educating policymakers, establishing government relations, and performing research in the crypto space, the website says.

Some altcoins have performed very well in the past week. As a result, on Monday, April 5, the price increase of many tokens at once has pushed the crypto market cap over $2.02 trillion, although it is now down to around $1.88 trillion, per CoinMarketCap.com data.

The establishment of the Crypto Council for Innovation also comes during the time of increasing adoption of cryptocurrencies by institutions. Cryptocurrencies are part of portfolios of companies like Tesla, MicroStrategy, Square, and Meitu. Moreover, Goldman Sachs and Morgan Stanley recently started offering digital investment support for their wealthy clients.

The post Large crypto-related companies form an alliance to lobby policymakers appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.