Binance’s stablecoin BUSD, issued in partnership with Paxos Trust company, has seen its market capitalization rise sharply over the last few months, surpassing the $20 billion mark.

Cryptocurrency staking platform Freeway has announced that it has paused withdrawals, citing volatility in the crypto and forex markets. The move saw its FWT token enter a sharp free-fall.

Popular cryptocurrency exchange FTX has announced it will provide around $6 million in compensation to users impacted by a phishing incident via a third-party website. Its CEO, Sam Bankman-Fried, has said the move is a one-time decision.

Top stories in the Crypto Roundup today:

• Binance’s Stablecoin Market Cap Surpasses $20 Billion
• Crypto Staking Platform Freeway Halts Withdrawals
• FTX to Provide $6 Million in Phishing Compensation
• Top Centralized and Decentralized Exchanges

Binance’s Stablecoin Market Cap Surpasses $20 Billion

Binance’s stablecoin BUSD, issued in partnership with Paxos Trust company, has seen its market capitalization rise sharply over the last few months, surpassing the $20 billion mark.

BUSD is one of the three largest stablecoins by market capitalization, behind Tether’s USDT and Centre Consortium’s USDC. It’s, at the time of writing, the seventh-largest cryptocurrency by market capitalization.

The stablecoin’s market capitalization has been growing after Binance announced it would start converting existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) into its own stablecoin.

The conversion essentially meant Binance stopped supporting several major stablecoins including USDC, in a bid to “enhance liquidity and capital-efficiency for users.” Binance’s move has also seen Bitcoin spot trading into BUSD jump 79.2% to 3.84 million BTC in September, as detailed in CryptoCompare’s Exchange Review.

Analysts at JPMorgan have said that Binance’s move also benefits Tether, as it increases the cryptocurrency’s importance in crypto trading. The investment bank noted that Tether’s market share in the stablecoin ecosystem has been declining over the past 18 months.

BUSD is backed 1:1 by assets in reserves, and issues monthly attestation reports on Paxos’ website written by an independent third-party accounting firm.

Crypto Staking Platform Freeway Halts Withdrawals

Cryptocurrency staking platform Freeway has announced that it has paused withdrawals, citing volatility in the crypto and forex markets. The move saw its FWT token enter a sharp free-fall.

Freeway isn’t a major project in the cryptocurrency space. Its market cap was below $70 million before the crash, and is now close to the $10 million mark. The firm has claimed it had $160 million in total value locked.

Twitter personality FatManTerra has detailed on social media that the project has “wiped the names of all team members from their website,” after noting they believed that Freeway was “operating a Ponzi scheme.”

FTX to Provide $6 Million in Phishing Compensation

Popular cryptocurrency exchange FTX has announced it will provide around $6 million in compensation to users impacted by a phishing incident via a third-party website. Its CEO, Sam Bankman-Fried, has said the move is a one-time decision.

In a thread, Bankman-Fried noted that FTX doesn’t generally compensate users “phished by fake versions of other companies in the space,” but would in this case. SBF said that “this is not a precedent.”

The CEO added that if perpetrators send back 95% of the stolen $6 million, FTX will “absolve them.” The recent phishing attack saw the perpetrators gain access to user account application programming interface (API) keys, which allowed them to conduct unauthorized trades with their accounts.

Top Centralized and Decentralized Exchanges

CryptoCompare’s latest Exchange Benchmark now also assesses the risk associated with decentralized exchanges (DEXs).

As trading activity on DEXs has skyrocketed, in certain instances surpassing the volumes of centralized exchanges, CryptoCompare’s Exchange Benchmark assesses over 30 DEXs along with 130 CEXs, ranking them AA-F to identify the lowest-risk trading venues for market participants.

These are the leading CEXs and DEXs according to CryptoCompare’s methodology.

State of the Crypto by Top Tier Exchange Volume

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