Currently, Binance Holdings is the largest crypto exchange in the world, in terms of trading volume. But, Changpeng Zhao’s company is going through tough times with the crypto crackdown in the US. Indeed, Binance is under investigation by several US government agencies. In this context, rumors circulate and tell that the exchange would consider breaking its partnerships in the United States. Find out what it is.
CZ denies rumors of possible Binance shutdown in the US
Bloomberg published a report on Friday indicating that Binance is considering stopping its US business partnerships. A source reported that CZ would like sever all ties with US banks and service companies. The founder and CEO of Binance also reportedly made the decision to reconsider his venture capital investments in the United States. Moreover, he would have considered to no longer support US-based projects like Circle’s stablecoin USDC.
However, CZ denied the elements of the publication of Bloomberg. The manager shared that Binance has no plans to stop supporting tokens from US-based projects. He clarified that his exchange “has no borders“. This, before explaining that Binance just pulled out of some potential investments on bankrupt American companies in the United States.
It must be said that Binance recently suspended US dollar bank transfers on its platform, temporarily. Despite everything, he maintains that he does not intend to stop offering his services in the United States. The exchange claims to adopt a fully independent operation. It is worth recalling a previous statement from a spokesperson for the crypto business.
Indeed, the spokesperson said:Like any other blockchain company, we conduct careful cost-benefit analysis and will pivot our business as necessary to protect our global user base“.
For the past two weeks, US regulators have been very tough on crypto businesses. For example, the SEC forced crypto exchange Kraken to shut down its US staking service. In addition, the company was required to pay a $30 million fine. At the same time, Paxos was forced to stop issuing the CZ exchange’s BUSD stablecoin. Binance itself has found itself in jeopardy as it has come under investigation for its ties to crypto bank Silvergate. The exchange is notably in the crosshairs of the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Department of Justice and the US Internal Revenue Service also investigated him.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
