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Several companies interested to partner with Binance amid legal hurdles in the US

Several companies interested to partner with Binance amid legal hurdles in the US 8

Reportedly many public and private companies are willing to establish partnerships with Binance crypto exchange about stablecoin.

Binance is a first ranked crypto exchange. In the present time, Binance has no US-based banking partner & this is causing problems for 0.01% of Binance customers. Because of legal action against the Binance stablecoin (BUSD), Binance is also shifting from BUSD stablecoin to USDC stablecoin, to remain away from any kind of future financial risk citing panic selling probabilities. 

On 18 Feb 2023, Patrick Hillmann, the Chief Strategy Officer (CSO) at the Binance exchange, spoke with Forbes. Hillmann said that to this date Binance has no US-based banking partner but confirmed that huge numbers of private as well as public companies are approaching  to establish partnership about company’ stablecoin plans. 

The majority of these interested companies are from Europe & Middle East and this hints that Binance may soon focus on non-US dollar-pegged stablecoins. 

As already Binance CEO Changpeng Zhao (CZ) confirmed that the exchange is exploring other fiat currencies pegged stablecoins. 

SEC vs BUSD stablecoin

BUSD stablecoin issuer company is Paxos. Paxos holds full ownership & management work of BUSD, along with its USDP stablecoin. 

Just a week ago, The United States Securities and Exchange Commission (SEC) sent a Wells notice to Paxos about the securities nature of BUSD stablecoin. Paxos was also ordered by the New York watchdog to stop minting of new BUSD stablecoin. 

On 7 Feb 2023, Binance announced to stop US dollar deposits & withdrawals on the platform. Binance CEO said that US-based banks were facing regulatory pressure that is why they terminated their partnership with the exchange. 

These things are showing that US authorities are not in the mood to allow the Binance exchange to show appearance in the US directly or indirectly. 

Read also: YouTube’s new CEO is Web3 & NFTs friendly

Several companies interested to partner with Binance amid legal hurdles in the US

 

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