CZ denies claims that Binance will delist US-based projects CZ denies claims that Binance will delist US-based projects
Bloomberg reported that Binance could delist Circle's USD Coin (USDC) stablecoin, and that the exchange was reassessing its venture-capital investments in the US.
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Updated: Jul. 30, 2023 at 2:54 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance CEO Changpeng “CZ” Zhao, on Feb. 17, described reports that his firm was considering delisting U.S-based crypto projects as “false.”
Bloomberg reported Feb. 17 that Binance was reconsidering its relationships with its US business partners, citing a person familiar with the matter, because of the current issues with its partners in the country.
The report added that the CZ-led exchange could delist Circle’s USD Coin (USDC) stablecoin, and the firm was reassessing its venture-capital investments in the US.
Meanwhile, CZ said:
“We pulled back on some potential investments, or bids on bankrupt companies in the US for now. Seek permission first.”
In recent weeks, Binance’s banking partner Signature Bank and stablecoin issuer Paxos have been forced to end their relationship with the exchange over increased regulatory scrutiny.
While Binance, the parent company, is not authorized to operate in the US, the firm does its business in the country via an independent arm, Binance.US.
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Paxos
Paxos Trust Company, LLC is a regulated blockchain infrastructure company building transparent and transformative financial solutions.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.