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Binance

Binance CEO Denies Delisting USDC Amid SEC Crackdown

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a Bloomberg report, crypto exchange Binance is considering ending relationships with U.S. business partners. 

Allegedly the largest cryptocurrency exchange in the market is weighing the option of delisting tokens from any firms based in the U.S. jurisdiction due to a tightening in regulatory policies by the Securities Exchange Commission (SEC). 

Related Reading: Will Ripple Sign Singapore As Its Next CBDC Customer? This Is Why

After the allegations by the SEC that BUSD, a stablecoin pegged to the US dollar, is a security and suing the crypto firm Paxos, the climate between exchanges and the U.S. watchdog has escalated to concern and uncertainty. 

In addition, the report said that Binance is reassessing investments in the United States. The regulators do not license Binance to operate in the U.S., but it has been conducting business in the U.S. jurisdiction through its subdiary Binance.US.

Binance CEO Inmediately Responded To The Allegations

Binance’s CEO Changpeng Zao (CZ) denied the allegations in a Twitter post. The exchange’s CEO responded to a commentary on Twitter, saying:

4. False. https://t.co/qjqLrx3TGF

— CZ 🔶 Binance (@cz_binance) February 17, 2023

Binance’s CEO has been embroiled in controversy lately. According to a report from Reuters, the crypto exchange moved $400 million from a “secret” account paired with the exchange’s subsidiary Binance.US, involving crypto-friendly bank Silvergate. 

Allegedly, the funds were sent to a trading firm owned by CZ. The trading firm is Merit Peak, incorporated in the British Virgin Islands in 2019. At the time, the firm invested over $1 million into the Binance subsidiary Binance.US.

Binance.U.S spokesperson, Kimberly Soward, told Reuters that Merit Peak is neither trading nor providing services on the Binance.US platform, and only Binance’s subsidiary in the US employees have access to the platform. 

Amid the intense scrutiny from the U.S. regulators, the crypto space has had a rough Q1; despite recording a crypto bull run that is barely starting to take shape. 

Related Reading: The Principle Behind Crypto Is Amazing, ‘The Matrix’ Star Keanu Reeves Says

This causes many questions and uncertainties among crypto investors. The regulator is pushing the industry on all fronts, including which companies can have custody of its customers’ assets; the outlook for the exchanges in the near term needs to be clarified in the U.S. jurisdiction. 

Binance
Bitcoin is consolidating at the $23,500 support on the daily chart. Source: BTCUSDT TradingView.

Bitcoin is currently trading at the $24,400 level after a retest of the $23,500 support line. It has gained 10.8% in the last seven days but still has land to cover for a full recovery in the 24-hour time frame, with a current loss of 2.8% since yesterday.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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