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A significant portion of the market volume comes from the Binance exchange, making it the largest cryptocurrency exchange. Binance, which is rapidly growing and reaching a massive user base around the world, has been trying to resolve its issues with regulators for years.
Statements by Binance CEO
Binance’s struggles with governments are not new. Even during the 2021 bull market, the crypto giant had to pause its services in various countries. The strategy of “enter the market first, then adapt” has paid off for the company. However, these regulatory pressures have also resulted in some consequences for the gains made during those days. The exchange is now fighting against both the SEC and CFTC in court in the United States.
Amidst all this, the resignation of several high-ranking Binance officials within a few days has increased FUD. The tipping point was the resignation of Binance US CEO, and CZ just said the following minutes ago regarding this matter;
“There have been some speculations about recent management changes in the company. Brian Shroder, after accomplishing what he aimed to do when he joined the company two years ago, is taking a well-deserved break. Under his leadership, Binance US raised capital, improved its product and service offerings, strengthened its internal processes, and gained a significant market share. All of these have contributed to building a more resilient company for the benefit of our customers. We are grateful for his contributions. The cryptocurrency market is in a different place compared to two years ago, with a rapidly evolving and increasingly hostile regulatory environment. Norman Reed (former SEC, New York Fed, Ripple, and DTCC executive) is the right person to lead the company. Don’t pay attention to FUD. Keep building.”
