• Binance CEO Changpeng ‚CZ‘ Zhao has denied reports that his exchange is looking to sever ties with US-based projects.
• The reports followed an earlier report that cited familiar sources as saying Binance was planning to delist all US-based tokens.
• Binance has endured a lot of FUD over the past several months, particularly after the collapse of FTX.
Binance Denies Reports Of Delisting US-Based Tokens
Reports of Delisting
Reports surfaced recently claiming that Binance, one of the leading cryptocurrency exchanges, was planning to delist all US-based tokens from its platform. These reports were based on familiar sources, who claimed that USD Coin (USDC), a stablecoin issued by the US-based financial services firm Circle, would be among those delisted.
Binance CEO Changpeng ‚CZ‘ Zhao took to Twitter to respond to these reports and deny them as “false”. He noted that blockchain technology does not have borders and suggested that this wouldn’t be the case for Binance either. CZ also acknowledged that Binance had pulled back from some investment deals and takeover of bankrupt companies in the US but only “for now”.
Other Troubles For Binance
These reports come just days after the SEC sued Paxos, issuer of the Binance USD (BUSD) stablecoin, labeling it as an unregistered security. On top of this news, there has been other negative coverage surrounding Binance following the collapse of crypto exchange FTX.
Focusing on Education Instead
In light of these events, CZ advised focusing more on education and compliance rather than ignoring FUD or fake news attacks. He believes this will be more beneficial in helping move forward from these issues rather than simply ignoring them or trying to fight back against false accusations or rumors spread about his company’s practices or plans for future actions regarding US-based projects.
Although CZ has denied any plans for delisting US-based tokens from its platform, it is still uncertain what will happen with regards to any potential partnerships between Binance and companies in America going forward due to recent legal troubles stemming from regulators such as the SEC and NYDFS. Regardless, education remains key in order for both parties involved in potential deals to understand their rights and obligations within certain jurisdictions so they can properly comply with local laws when necessary.