The leading technology-focused publication The Information made an important claim about the Binance exchange. According to the news reflected in the press, Binance CEO Changpeng Zhao (CZ) brought up the idea of exiting the stock market from the US market in the first weeks of 2023.
Although CZ advocated closing the Binance.US exchange due to increased regulatory pressure, the board of directors could not agree on this. Brian Shroder, the US chief of the leading cryptocurrency exchange, has strongly opposed the exit idea. Shroder defended the huge customer potential in the country, while Changpeng Zhao remained firm in the idea that a possible sanction would damage the company’s reputation.
Binance.US Investigation Continues!
The American government agencies SEC and CFTC have officially “declared war” on the crypto industry following the bankruptcy of the FTX exchange. Financial supervisory institutions are going over the exchanges of Coinbase, Kraken and Binance.US operating in the country. Other industry players also took their share from the pressure of the USA.
Authorities are closely monitoring cryptocurrency startups based in the country such as Paxos, Ripple (XRP) and Tether. The collateral assets of Paxos and Tether are in tightrope as the litigation between Ripple and the SEC has been going on for years.
US institutions accuse the leading exchange of unregistered securities and derivative services. Faced with similar investigations, Kraken chose to end its staking services.
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