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Binance CEO denies reports of Binance pulling back from U.S. partners
Written by Written by Saman Waris
Reviewed by Reviewed by Saman Waris
Updated February 18, 2023
Binance CEO denies reports of Binance pulling back from U.S. partners
  • Changpeng Zhao has denied rumors about Binance Holdings cutting ties with U.S.-based partners. 
  • A recent report claimed that the crypto giant would soon de-list tokens tied to American crypto firms. 

Binance Chief Changpeng Zhao has addressed the rumors about a possible breakup between his crypto exchange and its United States-based partners.

According to CZ, the recent reports claiming that Binance was considering “pulling back from U.S. partners” amid the ongoing regulatory crackdown, are false. 

CZ says Binance is pulling back on investments

A recent report from Bloomberg claimed that Binance Holdings ltd, the operator of the world’s largest crypto exchange, was looking to end ties with its American business partners including banks and service firms.

Citing a person familiar with the matter, the report claimed that the possibility of retreat arose due to the increased regulatory scrutiny that led to issues with its banking partner and stablecoin issuer Paxos.

The report went on to claim that Binance Holdings was “reassessing” its venture capital portfolio in the United States, along with other investments.

Bloomberg’s source also revealed that the company was considering de-listing tokens associated with U.S-based crypto firms, including Circle’s USD Coin stablecoin. 

Changpeng Zhao stated, 

Earlier this week, the Securities and Exchange Commission issued a Wells notice to Binance’s stablecoin partner Paxos, which issues BUSD.

The notice informed the stablecoin issuer of the regulator’s intention to bring charges against the firm. This was followed by an order from the New York Department of Financial Services to stop minting BUSD.

Amid the increasing regulatory pressure, CZ tweeted that his team would be reviewing other projects in those jurisdictions to ensure users are insulated from any undue harm.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Saman Waris

Editor

Saman Waris works as a Senior News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins.

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