Binance exchange has been trending on the cryptocurrency industry news throughout this week for the wrong reason. This trend is motivated by the latest move by the US government authorities who have commenced a massive crackdown on major stablecoin companies. This has led to the suspension of further minting of some major stablecoins like the BUSD.
This story has generated a lot of indebt analytical conversations with different industry analysts. According to reports reaching us, speculations from most professionals suggest that the company will be just fine in the long run, they just have to stick to their search for an alternative. Yesterday, it was gathered that the company has started minting TUSD in large quantities, hoping it will replace the embattled BUSD.
Our correspondents have been intercepting many analytical conversations that predict s big comeback by one of the world’s biggest cryptocurrency exchanges. Meanwhile, some newspaper reports have claimed that some of the issues leading to the suspension of BUSD by the SEC aren’t taken as seriously as they ought to be. This is so, considering the attention it has been generating since this event started.
On the other hand, a report from Wall Street Journal said that the management of Binance is making arrangements with the United States financial regulators to arrive at a suitable fine to pay as a way of showing remorse. Binance was also said to have described their past operations as a “legal transgression,” and are working to make amends.
Some Industry Rumours Making Rounds
According to the story making rounds in the cryptocurrency industry, Binance may review its operations after the so-called fine has been paid. Stories have it that the company is working on reviewing the operations of its legal department in a way that will it reflect the current US legal system. It was also revealed that Binance also has several cases with the authorities, which they also plan to settle with them once and for all.
These analysts believe that should things go well as the company had planned, and considering the company’s position in the global cryptocurrency industry, it will make a huge positive impact, not only on the company but the industry at large.
One of the major stakeholders in the industry was heard saying anonymously that the current event happening between the United States financial regulators and Binance may trigger a bump in the prices of cryptocurrency. It went further to explain that this is because the Binance situation is far different from the case of FTX.
This source did not only predict Binance coming back but hinted at a proposed expansion which he claimed the company was working on before the crypto crackdown. It is gathered that if the company ends up settling with the regulatory bodies, it will be joining the likes of Circle, and the popular exchange Coinbase in the list of cryptocurrency companies that survived one fine or the other.
All Hopes are High in Binance
In a vox populi about the current situation in Binance, spectators believe that the company is doing the right thing by calling the authorities to the table for negotiations. Most of the respondents accused the crackdown on the US president’s latest reviews on the cryptocurrency industry.
They believe that the US government is just being (what they described as) “cryptophobic;” they are becoming afraid of what will become of the crypto industry should the dollar loses its value further. And to other correspondence, they fear that Binance may even risk suffering more sanctions should they not review their operations.
It is also gathered Binance’s current predicament may have risen from the few malicious campaigns that emanated from their rivals weeks before the BUSD was suspected by the authorities. Coming from a source close to the company, said that Binance may also reconsider its operations with the authorities. So, with this revelation, it may not be surprising if we end up seeing the government authorities dictating the operations (including the next product line) of Binance in the future.
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