![]() ![]() ![]() banking partner, Signature Bank, dialled back exposure to crypto firms. ![]() On Monday, New York's top financial regulator ordered the company behind Binance's stablecoin to stop issuing the token.Įarlier this month Binance said it had suspended all dollar bank transfers after a U.S. The regulatory action comes after multiple meltdowns in the crypto sector last year that saw a string of major industry players in the United States and beyond collapse. regulators have stepped up scrutiny of crypto companies this year. investments Binance had pulled back from. The company did not immediately respond to questions on which U.S. "Like every other blockchain company, we are conducting a careful cost-benefit analysis and will pivot our business as necessary to protect our global user base," a Binance spokesperson said. That money, according to company messages, was shifted to a trading firm managed by Binance CEO Zhao. partners comes a day after Reuters reported that the global Binance exchange, which is not licensed to operate in the United States, had secretly moved more than $400 million from accounts held by its purportedly independent U.S. venture capital investments and will consider de-listing tokens from any U.S.-based projects, including the major stablecoin USD Coin, the report said. By Angus Berwick and Tom Wilson September 1, 20226:28 AM PDTUpdated 10 months ago 1/2 Changpeng Zhao, founder and chief executive officer of Binance, attends the Viva Technology conference. The Bloomberg report, which cited an unnamed person familiar with the matter, said Binance is considering ending business relationships with banks and services firms in the United States, amid heightened regulatory scrutiny of the company.īinance is also reassessing U.S. To the millions of customers who use and love Binance.US each and every day, thank you for your trust and loyalty Dear Binance. Seek permission first," Zhao wrote in a tweet, without elaborating. "We pulled back on some potential investments, or bids on bankrupt companies in the U.S. Binance has pulled back on some potential investments in the United States, its CEO Changpeng Zhao said on Friday, following a Bloomberg report that the major crypto exchange was considering ending relationships with U.S. ![]()
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