- The CEO of Binance tweeted that the experiences were false.
- Nonetheless, he admitted that the market had “pulled back” on some offers.
- Binance has been subjected to a slew of rumors in recent months, particularly following the demise of FTX.
Binance CEO Changpeng ‘CZ’ Zhao has denied reports that his company is attempting to cut ties with US-based initiatives.
His response echoed an earlier report citing reliable sources saying Binance planned to delist all US-based tokens. USD Coin (USDC), a stablecoin issued by the US-based financial services firm Circle, is ostensibly one of those to be delisted.
Conversely, Zhao called the report “false” in a tweet response to one of many experiences. He said that because “blockchain has no borders,” this would not be the case.
According to a report published by Bloomberg on Friday, sources claimed Binance was attempting to end relationships with its US partners, including banks. According to the report, the crypto giant was also rethinking its business investments in the country.
While acknowledging that Binance had withdrawn from some funding offers and takeovers of bankrupt corporations, Zhao stated that this was only “for the time being.”
Zhao also linked to an earlier tweet in which he stated that it is better to focus on education, compliance, and product and service rather than “ignore FUD, false information, assaults, and so on.” It’s worth noting that Binance has been subjected to a variety of FUD in recent months, with negative sentiment intensifying following the collapse of the crypto exchange FTX.
The current Binance experiences come just days after the US Securities and Trade Fee (SEC) announced that it was suing Paxos, the US-based issuer of the Binance USD (BUSD) stablecoin. BUSD has been designated as a “unregistered safety” by the regulator.
This comes on top of the New York Division of Monetary Providers ordering Paxos to stop minting the stablecoin, a situation that saw the company end its relationship with Binance.
