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Trading Firm Binance CFTC

Is The US Treasury Doing Exactly What Binance Was Accused Of In Q1 2023?

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto sleuths investigating the US Treasury General Account (TGA), drew a parallel between US Treasury Department’s actions and that of Binance when they sold $1 billion of the Industry Recovery Fund in Q1 2023.

Binance Says They Had Propped Liquidity In Q1 2023

In Q1 2023, there were suspicions that Binance, the world’s largest cryptocurrency by trading volumes and client count, was propping up liquidity in the cryptocurrency market.

The speculation of potential market manipulation by Binance gained more traction when Changpeng Zhao, the CEO of Binance, converted a staggering $1 billion worth of Binance USD (BUSD) from the Binance’s industry fund to Bitcoin (BTC), Ethereum (ETH), and Binance coin (BNB).

Related Reading: Gemini And Genesis File Motion To Dismiss SEC Lawsuit Over Defunct Earn Offering

This move artificially injected buying pressure into the market, forcing the Bitcoin price to surge past $22,500. Ethereum also rose to reclaim the $1,600 mark, and BNB soared by over 10%, reaching a two-week high by surpassing $300.

BNB Price On May 28| Source: BNBUSDT On Binance, TradingView
BNB price on May 28 | Source: BNBUSDT On Binance, TradingView

The decision to convert the $1 billion Industry Recovery Fund to other coins, investigators allege, was a move to possibly inject liquidity in the crypto market.

At that time, banks were under pressure and crypto-supportive institutions like Silicon Valley Bank (SVB) even faced a crisis, impacting the USDC causing it to de-peg briefly.

Though there has been no solid link between the move by Binance and market manipulation, investigators now have their eyes on the US Treasury General Account (TGA) and how it is rapidly falling.

US Treasury Aping Binance?

With banks under pressure, crypto sleuths are observing the TGA account. It serves as the bank account through which the US government manages national debt and pays treasury yields.

Observers noted that the Treasury has been supporting liquidity in the US economy, similar to what Binance reportedly did in Q1 2023, by tapping into this account since interest rates began to rise.

In 2022, the account held approximately $1 trillion, but its balance has steadily decreased, with the current balance standing at around $38 billion. This rapid depletion is because the Treasury needs to keep the government running.

With the TGA running low, the Secretary of the Treasury, Janet Yellen, issued a warning, stating that without congressional action to raise or suspend the $31.4 trillion debt ceiling, the US government could default as early as June 1.

Related Reading: Ethereum Whales On The Rise, Acquire Over $9 Billion ETH In 2023

Yellen wrote a letter to Congress, highlighting the urgency for action and the potential consequences of inaction.

The Treasury Department projects that without an increase in the debt limit, the government will only be able to meet its financial obligations until June 1, leaving only 10 days for negotiators and lawmakers to resolve. With policymakers agreeing to raise the debt ceiling, the government will issue bonds, raise yields, and pressurize Bitcoin prices in the days to come.

-Feature Image From Canva, Chart From TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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