In quite the announcement on Thursday April 18th, Binance stated that had converted the entirety of their SAFU fund into USDC. The Binance SAFU fund is their emergency insurance fund for their users.
They presumably exchanged 1 billion dollars in bitcoin for 1 billion in USDC but only 800 million went into the new USDC denominated SAFU fund.
Some people on Crypto Twitter speculated that this transaction had furthered the bearish moves on the bitcoin chart over the past week.
Brian Armstrong CEO of Coinbase retweeted Binance’s announcement, saying “good to hear” with a okay emoji. Coinbase and Circle are cofounders of Center which is the issuer of USDC and it’s based in the United States and the idea is that it is compliant in the US.
Because Moon was transiting in Magha in trine to Sun Who is exalted in Aries, this looks like a move that Binance made to succumb to some type of insinuated US regulatory pressure or maybe like a pre-calculated diplomatic type of move to avoid that, but because of Mars’s transit in Purvabhadrapada accompanying Sun in Taurus in the Navamsha, I See that there is something possibly a bit dark or subtextual behind the scenes.
Due to Mercury retrograding past Venus the next day it was probably a good diplomatic move by Binance. Still something about it looks kind of underhanded or like there was some type of intimidation involved. That’s just what I See as an Astrologer.
Personally as just me Maya it looks weird because bitcoin has more inherent value and I don’t understand why in the context of inflation Binance would even want to keep a benchmark value of 1 Billion USD for their SAFU fund. It just doesn’t make any sense to me at all but that’s just me.