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BFUSD

avoid.net/bfusd→40/100·72% conf.
[AI-DRAFTED · AWAITING VERIFICATION]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·2poEoe…wHEN

Summary

BFUSD is a reward-bearing margin asset launched by Binance Futures in November 2024, designed exclusively for use as collateral in USDT-M Futures trading. It is not a blockchain token, cannot be withdrawn from Binance, and generates yield through delta-neutral funding-fee strategies and ETH staking. While Binance maintains a reserve fund and transparency dashboard, the product carries significant concentrated counterparty risk tied to Binance's centralized custody model and its operator's prior criminal guilty plea on AML charges in 2023.

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    Timeline(10 events)

    21 November 2023

    Binance Holdings Limited pleaded guilty to federal criminal charges in the U.S., agreeing to pay over $4.3 billion in penalties for AML, BSA, and IEEPA violations. CEO Changpeng Zhao resigned and pleaded guilty personally.

    U.S. Department of Justice

    23 February 2024

    A U.S. federal judge approved Binance's $4.3 billion criminal settlement for AML and sanctions violations.

    Forbes

    17 November 2024

    Binance publicly announced BFUSD, describing it as a reward-bearing margin asset for futures traders. Community reaction included immediate comparisons to TerraUSD's ill-fated 20% Anchor Protocol yield.

    CoinTelegraph

    27 November 2024

    BFUSD became available for purchase on Binance at 02:00 UTC, with an initial advertised base APY and boosted APY calculated from back-tested data spanning November 20-25, 2024.

    The Block

    23 January 2025

    Binance expanded BFUSD features to include USDC support for purchases and redemptions, Pre-Buy/Pre-Redeem functions, and enhanced transparency metrics including Protocol APY breakdown and solvency charts. Circulation stood at approximately 760 million BFUSD.

    FinanceFeeds

    May 2025

    The SEC voluntarily dismissed its civil action against Binance alleging operation of unregistered securities exchanges.

    Fincrime Central

    August 2025

    BFUSD system collateralization ratio was reported at approximately 100.86%, with the indicative APR having declined to approximately 3% from the initial ~20% range, reflecting normalized crypto funding rates.

    IQ.wiki / AInvest

    9 January 2026

    Binance began applying standard trading fees to BFUSD pair trades, ending prior promotional fee waivers.

    AInvest

    24 February 2026

    BFUSD's self-reported market capitalization reached a peak of approximately $1.82 billion.

    Markets Daily

    28 June 2026

    BFUSD's self-reported market capitalization was approximately $1.27 billion, down from the February peak.

    Daily Political
    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain16 Wayback Archives

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (3 events). 16 of 17 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 7/22/2026, 12:19:22 PM

    last updated: 8/27/2026, 7:08:48 AM

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