Binance considers pulling back from US partners as crypto crackdown escalates

economictimes.indiatimes.com:

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 Holdings is looking at whether to sever ties with intermediary firms such as banks and services firms and is reassessing venture-capital investments in the US, according to the person, who asked not to be identified discussing details that had not yet been made public. It will consider de-listing tokens from any US-based projects, including Circle’s stablecoin USD Coin, the person said. Binance Holdings isn’t authorized to serve crypto customers in the US. Instead, there’s Binance.US, a far smaller exchange that claims to be independent and said it has no plans to leave the US.

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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,” Zhao