The Information, the leading technology-focused publication, Binance made an important claim about the stock market. According to the news reflected in the press, Binance CEO Changpeng Zhao (CZ)brought the idea of the stock market exiting 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. US head of leading cryptocurrency exchange Brian Shroder , strongly opposed the idea of exit. 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!
American government agencies SECAnd CFTC has officially declared “war” on the crypto industry following the bankruptcy of the FTX exchange. Financial supervisory institutions operating in the country coinbase, KrakenAnd Binance.US goes over the stock markets. 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.
