Binance is Considering Ending Business Relationships with Banks in the US
Binance, a cryptocurrency exchange, has reduced its investments in the United States.
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Binance has backed off on some potential investments in the US. The leading cryptocurrency exchange was considering terminating relationships with US business partners. Binance is considering terminating business relationships with banks and service providers in the United States due to increased regulatory scrutiny of the company.
Binance is also reevaluating its US venture capital investments and will consider delisting tokens from any US-based projects, including the major stablecoin USD Coin. The news that Binance may drop its US partners comes just one day after Reuters reported that the global Binance exchange, which is not licensed to operate in the US, had secretly transferred more than $400 million from accounts held by its ostensibly independent US partner. The funds were transferred to a trading firm managed by Zhao.
This year, US regulators increased their scrutiny of cryptocurrency companies. The regulatory action follows a string of key industry players in the US and elsewhere collapsing in the crypto sector last year. The company behind Binance’s stablecoin was ordered to stop issuing the token by New York’s top financial regulator on Monday.
Binance announced earlier this month that it had suspended all dollar bank transfers after a US banking partner, Signature Bank, reduced its exposure to cryptocurrency firms.
Binance Holdings Ltd. is considering terminating relationships with US business partners as regulators tighten their grip. The company, which operates the world’s largest crypto exchange, is considering a retreat after its relationships with a key banking partner and stablecoin issuer came under scrutiny from authorities.
The Securities and Exchange Commission, the Commodity Futures Trading Commission, the Justice Department, and the Internal Revenue Service have all investigated Binance.
Binance Holdings is considering severing ties with intermediary firms such as banks and services firms and reassessing venture-capital investments in the US. It will consider delisting tokens from any US-based projects, including Circle’s stablecoin USD Coin. Binance Holdings is not permitted to serve crypto customers in the United States. Binance, on the other hand. The US is a much smaller exchange that claims independence and has stated that it has no plans to leave the US.
