Bloomberg: Binance is thinking about delisting tokens from U.S. projects

Bloomberg: Binance is thinking about delisting tokens from U.S. projects

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Author: Robert Strickland
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Bloomberg: Binance is thinking about delisting tokens from U.S. projects
The publication's source said the exchange plans to completely sever business relationships with U.S. banks and intermediary companies due to regulatory pressure

Cryptocurrency exchange Binance admits the possibility of terminating relationships with business partners in the U.S. due to increased pressure from local regulators, Bloomberg reported, citing its own sources.

The world's largest cryptocurrency exchange is forced to take such a step after its relationships with key banking partners and the issuer of its own stablecoin company were suspended.

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Binance is considering cutting ties with any U.S. intermediaries, including banks and service firms, and is reviewing how it ventures to invest in projects with American roots, a source who wished to remain anonymously told reporters, citing as yet unpublished information. Binance is considering delisting tokens from any U.S.-listed projects, including Circle's USD Coin Stablecoin (USDC), he said.

Binance Holdings (the exchange's management company) cannot serve U.S. customers. A division of Binance.US, a much smaller exchange that claims to be independent, does. The platform has no plans to leave the U.S. market, despite current events.

Actions by U.S. regulators, including heightened requirements for crypto-business banks, are increasingly isolating Binance and other international players from the U.S. market. A spokesperson for the exchange told reporters that it "will change direction as necessary to protect its global user base."

Reacting to the publications, Binance CEO Changpeng Zhao called them "untrue." "We have refused to make some potential investments or participate in buyout auctions of bankrupt U.S. companies. We have to get approval first," Zhao added.

 

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