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Binance failed to follow its procedures for BUSD reserves between 2020 and 2021 since it didn’t keep enough reserves to support its BUSD stablecoin, according to a report by Bloomberg.
The mismanagement led to Binance-peg BUSD being undercollateralized three times between 2020 and 2021, with collateral gaps exceeding $1 billion on each occasion, according to data shared by Jonathan Reiter, co-founder of blockchain analytics company ChainArgos.
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