Binance Weighing Retreat Option in US Amid Intense Crypto Crackdown

Binance Weighing Retreat Option in US Amid Intense Crypto Crackdown

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Binance Institutional

As US regulators continue their probe into several crypto firms, the giant crypto exchange Binance is looking to avoid litigation with the US regulators, and now, it is considering severing ties with its US partners.

This comes days after Binance stablecoin issuer Paxos, a crypto firm that issues the Binance USD algorithm stablecoin ran into trouble with the US Securities and Exchange Commission.

Binance is currently the world’s largest cryptocurrency exchange by trading volume, Binance Holdings is not licensed in the US, instead, it has a subsidiary called Binance.US which is available for US users.

This move will not be a shock to anyone who has been following Binance CEO’s recent tweets, “given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from any undue harm,” Binance CEO said in a tweet which signalled a potential attempt to avoid the US regulators.

The US regulators have upped their game since the sudden downfall of the crypto exchange FTX, if this continues, more crypto firms may exit the US markets.

Also, there was a report about Binance looking to delist all US-based cry or currencies Bloomberg, a report which was immediately debunked by Binance’s CEO.

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