CZ denies reports Binance plans to delist US-based tokens

  • The Binance CEO tweeted that the reports were false
  • However, he acknowledged the exchange had “pulled back” on some deals.
  • Binance has endured a lot of FUD over the past several months, particularly after the collapse of FTX.

Binance CEO Changpeng ‘CZ’ Zhao has denied reports that his exchange is looking to sever ties with US-based projects.

His comments followed an earlier report that cited familiar sources as saying Binance was planning to delist all US-based tokens. One of those to be delisted ostensibly being USD Coin (USDC), a stablecoin issued by US-based financial services firm Circle.

But in a tweeted response to one of the reports, Zhao termed the report as “false.” He went on to suggest that this wouldn’t be the case given “blockchain has no borders.”

According to a Bloomberg report published on Friday, sources claimed Binance was looking to end relationships with its partners in the US, including banks. The crypto giant was also reassessing its venture investments in the country, the report added.

While acknowledging that Binance had indeed pulled back from some investment deals and takeover of bankrupt companies, Zhao noted this was just ‘for now.”

Zhao also linked to a previous tweet in which he says it is better to focus on education, compliance and product & service, and “ignore FUD, fake news, attacks, etc.” It’s notable that Binance has been subject to a lot of FUD over the past few months, with negative coverage heightening following the collapse of crypto exchange FTX.

Today’s reports on Binance comes just days after the US Securities and Exchange Commission (SEC) said it was suing Paxos, the US-based issuer of the Binance USD (BUSD) stablecoin. The regulator has labelled BUSD as an “unregistered security.” 

That on top of the New York Department of Financial Services ordering Paxos to stop minting the stablecoin, a scenario that saw the company end its relationship with Binance.

Comments are closed.