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

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Crypto giant Binance Holdings Ltd. is considering ending relationships with US business partners as regulators turn up the heat.

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.

 

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