Binance Almost Closes US Exchange to Protect Global Business: Report

• Binance, the global crypto exchange, faced a critical decision as investigations loomed over its operations.
• The SEC has taken legal action against Binance, Binance.US, and CZ on the grounds that they are conducting business as an unlicensed securities exchange.
• In July Binance.US declared it will become a “crypto-only” exchange, delisting multiple trade pairs based in U.S. dollars.

Binance Considers Shutting Down US Exchange to Protect Global Business

Binance, the global crypto exchange, recently faced a crucial decision amid looming investigations into its operations. According to The Information report, the board of directors of Binance US voted whether or not to liquidate the company – but a unanimous decision could not be reached, with CEO Brian Shroder blocking the move and prompting Binance CEO Changpeng Zhao to consider shutting down the US arm in order to protect their worldwide business.

Heightened Regulatory Scrutiny

The company is already under increased scrutiny from regulatory bodies due to their global operations; both the SEC and CFTC have taken legal action against them for alleged violations such as operating as an unlicensed securities exchange and providing unauthorized crypto derivatives products in the US respectively. Furthermore, in July Binance US announced that it would become a “crypto-only” exchange by delisting multiple USD trade pairs; this led to many users leaving en masse and consequently seeing significant price drops for crypto assets across the board on their platform.

Staff Cuts & Layoffs

As legal battles continue for them , Binance reportedly made numerous staff cuts in order to reduce costs and respond effectively to ongoing litigation cases; although no official statements have been given regarding this matter, they are taking measures to navigate these challenging times while complying with local regulations wherever they operate.


It remains unclear how these events will affect Biance’s future endeavors but one thing is certain: They are doing everything within their power to ensure that their global business remains intact despite facing immense regulatory pressure at home and abroad .