Binance May Leave America for Good Amid Crypto Crackdowns

  1. Changpeng Zhao denied that Binance Holdings would cut ties with U.S. partners.
  2. The crypto giant may delist tokens from American crypto firms, according to a recent report.
  3. Signature Bank, reduced its exposure to cryptocurrency companies.

According to recent reports, Binance, the world’s largest cryptocurrency exchange by market capitalization, is considering withdrawing from US-based investments. This was revealed in a recent interview with Changpeng Zhao (CZ) and Bloomberg.

Binance CZ said on his official Twitter account that the company has “pushed back” on some possible investments or bids for bankrupt enterprises in the United States for the time being. First, get permission. ” Despite this, the head of the enormous cryptocurrency exchange has yet to reveal which firms the platform’s relations will be severed with.

Earlier this week, the U.S Securities and Exchange Commission (SEC) issued the wells notice to the Paxos Trust Company which has partnered with Binance to create the Binance USD coin (BUSD) Stablecoin.

As per the reports by Blomberg, which did not name the source that was familiar with the report, the cryptocurrency exchange platform (Binance) allegedly announced that it would stop doing business with US banks and companies that provide services in the US. The cryptocurrency company’s decision to end the relationship in the country was influenced by the country’s increased adhesion to strict regulatory policies and rules.

The report that the global cryptocurrency exchange firm Binance has terminated its partnership with companies based in the United States follows the news that the company is not authorized to operate within the country.  This is because the business did not have the proper authorization to conduct operations within the state.

At the start of the month, Binance announced that it had stopped all dollar bank transfers after a banking partner in the United States, Signature Bank, reduced its exposure to cryptocurrency companies.

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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.