Binance Considers Ending Relationship with US Businesses Due to Regulatory Pressure

Joshua Ramos
Source: Binance

Bloomberg reports that Binance Holdings Ltd. is considering ending its relationship with US businesses. The report follows an increasing examination of the exchange from regulators within the country and overall regulatory concerns over the industry in America as a whole.

The report state that the world’s largest crypto exchange platform by volume is considering a “retreat,” from the US market. Moreover, the news comes as its relationship with partner and stablecoin issuer Paxos has brought about some scrutiny from authorities.

Binance Responds to SEC Pressure.

Bloomberg has reported that the crypto exchange platform, Binance, has considered ending its relationship with US businesses. The move is connected to regulatory concerns over the exchange, as the US Securities and Exchange Commission (SEC) has initiated a probe into the platform.

The SEC has not been the only regulatory entity investigating the actions of Binance. Bloomberg notes that they are joined in their investigation by the “Commodity futures Trading Commission, Justice Department, and the Internal Revenue Service.”

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Subsequently, Binance is considering, “whether to sever ties with intermediary firms such as banks and service firms,” following the probes. Furthermore “reassessing venture-capital investments in the US,” according to sources.

Among the US-based stablecoins under consideration to be delisted by Binance is Circle USD stablecoin, a source told Bloomberg. Conversely, Binance Holdings is not permitted to serve crypto users in the United States. Alternatively, Binance.US is a smaller change that “claims to be independent and said it has no plans to leave the US.”