Business Maverick: Binance Considers Pulling Back From US Partners as Crypto Crackdown Escalates

The company, which operates the world’s largest crypto exchange, is weighing the retreat after its relationships with a key banking partner and stablecoin issuer ran into trouble amid intense scrutiny from authorities, according to a person familiar with the issue. Binance has been probed by the Securities and Exchange Commission, Commodity Futures Trading Commission, Justice Department and the Internal Revenue Service.

Binance Chief Executive Officer Changpeng Zhao, known as CZ, signaled the potential retreat earlier this week. “Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from any undue harm,” ZhaoMonday on Twitter after Paxos Trust Co. announced it would stop issuing Binance-branded stablecoin.

In the past week, the clampdown has taken its toll. The international exchange experienced a net outflow of $1.9 billion in assets, according to data estimates from Nansen. The crackdown on Binance stablecoin BUSD, issued by Paxos, has sparkedUS regulators’ recent actions, including stepped-up warnings to banks about crypto ties, are increasingly isolating Binance and other players.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Business Maverick: Bitcoin Tops $25,000 as Crypto Looks Past Regulatory WoeA rally in Bitcoin took the token above $25,000 for the first time since August amid broad gains in crypto markets as investors shook off concerns about a US regulatory clampdown.
Fonte: dailymaverick - 🏆 3. / 84 Consulte Mais informação »

US regulators accuse fugitive Terraform founder Do Kwon of multibillion-dollar crypto fraud | Business InsiderThe collapse of TerraUSD last year shook the digital-asset industry to its core after it lost its 1-to-1 peg to the dollar, and led to a $60 billion wipeout.
Fonte: BISouthAfrica - 🏆 34. / 51 Consulte Mais informação »

Business Maverick: China to scrutinise Ford-CATL EV battery deal to ensure core technology isn’t sharedChina will scrutinise Ford Motor Co’s recent agreement with Contemporary Amperex Technology Co Ltd to ensure the Chinese battery giant’s core technology isn’t handed over to the US carmaker, another sign of geopolitical tensions between the two powers complicating business deals.
Fonte: dailymaverick - 🏆 3. / 84 Consulte Mais informação »