Skip to main content

Binance Pulls Back on Potential Investments in the US, Confirms CEO Zhao

Binance has pulled back on some potential investments in the United States, its CEO Changpeng Zhao said on Friday, following a Bloomberg report that the major crypto exchange was considering ending relationships with US business partners.

"We pulled back on some potential investments, or bids on bankrupt companies in the US for now. Seek permission first," Zhao wrote in a tweet, without elaborating.

The Bloomberg report, which cited an unnamed person familiar with the matter, said Binance is considering ending business relationships with banks and services firms in the United States, amid heightened regulatory scrutiny of the company.

Binance is also reassessing US venture capital investments and will consider de-listing tokens from any US-based projects, including the major stablecoin USD Coin, the report said.

Word that Binance may drop its US partners comes a day after Reuters reported that the global Binance exchange, which is not licensed to operate in the United States, had secretly moved more than $400 million (nearly Rs. 3,310 crore) from accounts held by its purportedly independent US partner. That money, according to company messages, was shifted to a trading firm managed by Binance CEO Zhao.

"Like every other blockchain company, we are conducting a careful cost-benefit analysis and will pivot our business as necessary to protect our global user base," a Binance spokesperson said. The company did not immediately respond to questions on which US investments Binance had pulled back from.

US regulators have stepped up scrutiny of crypto companies this year. The regulatory action comes after multiple meltdowns in the crypto sector last year that saw a string of major industry players in the United States and beyond collapse.

On Monday, New York's top financial regulator ordered the company behind Binance's stablecoin to stop issuing the token.

Earlier this month Binance said it had suspended all dollar bank transfers after a US banking partner, Signature Bank, dialled back exposure to crypto firms.

© Thomson Reuters 2023

 

The iQoo Neo 7 packs a lot of power at an affordable price. But did the company cut the right corners to keep the price low? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
 


from Gadgets 360 https://ift.tt/qcUbm64
Labels:

Comments

Post a Comment

Popular posts from this blog

US Power Firm Admits It May Have Sparked Texas' Largest Wildfire Ever

A US power company admitted Thursday that its equipment may have sparked the largest wildfire in Texas' history. Xcel -- the parent of Southwest Public Service Company, which provides electricity to part of the state -- said it was working with officials investigating the cause of the blaze that charred more than a million acres (over 400,000 hectares). "Based on currently available information, Xcel Energy acknowledges that its facilities appear to have been involved in an ignition of the Smokehouse Creek fire," the company said. Hundreds of homes are thought to have been destroyed in the fire, which is known to have killed at least two people and over 3,000 farm animals. Xcel, which is facing at least one lawsuit, denied its equipment was improperly maintained. "However, we encourage people who had property destroyed by, or livestock lost in, the Smokehouse Creek fire to submit a claim to Xcel Energy through our claims process," the statement said. The W
Post a Comment
Read more

It's Official, Kamala Harris Is Democratic Candidate For US Election

US Vice President Kamala Harris effectively secured the Democratic party's presidential nomination Friday, confirming her remarkable rise to party standard bearer in November's showdown against Republican Donald Trump. Kamala Harris was the sole candidate on the ballot for a five-day electronic vote of nearly 4,000 party convention delegates. She will be officially crowned at a Chicago convention later this month. "I am honored to be the presumptive Democratic nominee for President of the United States," Kamala Harris, 59, said on a phone-in to a party celebration after securing enough votes by the second day of the marathon vote. In the two weeks since President Joe Biden ended his reelection bid, Kamala Harris has gained full control of the party. No other Democrats stepped forward to challenge her elevation to the top of the ticket, making her confirmation as the first Black and South Asian woman ever to secure a major party's nomination a formality. The a
Post a Comment
Read more

All You Need To Know About Donald Trump's 1st Criminal Trial

Donald Trump goes on trial Monday for allegedly covering up hush money payments to hide affairs ahead of the 2016 presidential election which propelled him into the White House. He will become the first former US president to go on criminal trial when jury selection begins next week. Here are the key questions ahead of the landmark trial: What is Trump accused of? As Trump closed in on victory in the 2016 presidential election, adult film star Stormy Daniels was paid $130,000 to keep quiet about an alleged 2006 sexual tryst with Trump. The payments, made by Trump's lawyer at the time, Michael Cohen, were revealed by The Wall Street Journal in January 2018. Prosecutors have seized on the concealment of the payments as "legal fees" in the Trump Organization's accounts when Cohen was reimbursed as the heart of their case. Prosecutors say Trump "concealed the reason for these payments... which clearly were paid in order to influence voters," former prosec
Post a Comment
Read more