News/Binance Acknowledges Past Flaws in Management of Stablecoin's Reserves

Binance Acknowledges Past Flaws in Management of Stablecoin's Reserves

Jan 11,2023,10:50

Crypto exchange Binance admitted to flaws in its system that left its supply of Binance Smart Chain $BUSD undercollateralized by at least $1 billion, according to Bloomberg.

A Binance spokesperson said that the process of maintaining the peg involves many teams and has not always been flawless, which may have resulted in operational delays in the past, adding that the pegging process has since been corrected.

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