Binance has announced the discontinuation of borrowing and lending services for its native stablecoin, Binance USD (BUSD). The move is part of a phased termination of BUSD-related services, culminating in a complete cessation expected by February 2024. All outstanding BUSD loan and collateral positions will be closed by the end of October 2023.Users who have been utilizing BUSD for lending purposes will now have to explore alternative stablecoins, such as Tether (USDT), Dai, TrueUSD (TUSD), and USD Coin (USDC), for their lending needs on the platform. This decision is intertwined with Binance’s ongoing legal disputes with the US Securities and Exchange Commission (SEC). In February 2023, Paxos, the issuer of the BUSD stablecoin, severed ties with Binance due to the legal uncertainties surrounding the cryptocurrency exchange. Paxos also declared its intention to halt redemptions from BUSD to underlying US cash and Treasuries in February 2024, temporarily pausing the minting of new BUSD tokens.Ripple is trending today after its legal triumph in Singapore coupled with the denial of the SEC’s appeal. The two developments have led to a resurgence in XRP’s price. American blockchain payments firm Ripple Labs Inc. has scored a significant legal victory by obtaining full approval to operate as a digital payment token services provider in Singapore. The Monetary Authority of Singapore (MAS) granted the license, solidifying Ripple’s position in the cryptocurrency space. Just four months after receiving in-principle approval from the regulator, this development paves the way for Ripple’s local subsidiary, Ripple Markets APAC Pte Ltd, to expand its operations across the Asia Pacific region.The ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) took an interesting turn as Judge Analisa Torres denied the SEC’s request for an early appeal. The decision is a significant setback for the SEC, as it sought to challenge two aspects of the judge’s summary judgment. The cryptocurrency community is closely monitoring these developments, which could have far-reaching implications for both Ripple and the broader cryptocurrency market. As at the time of writing, the price of Ripple’s XRP token had gained over 4%. It is currently trading at $0.53, marking a 5.05% increase over the past month and a 6.77% gain over the previous week.

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Information	Details
Geography	Asia
Countries	🇸🇬 🇺🇸
Sentiment	neutral
Relevance Score	8
People	SEC, Analisa Torres, Brad Garlinghouse
Companies	Monetary Authority of Singapore (MAS), Paxos, Binance, United States Securities and Exchange Commission (SEC), Ripple Labs
Currencies	Tether, USDC, Ethereum, XRP, Dai
Securities	None